Antoniu Panait, managing partner at Vastint Romania, tells Business Review about the impact of Timpuri Noi Square, one of the company’s flagship projects, and the way it reshapes the Bucharest real estate market.
By Anda Sebesi
Timpuri Noi Square is a dynamic new urban hotspot in the city centre. What are its main features?
Our team is extremely proud that we’ve managed to develop a new business hub with our project Timpuri Noi Square, in the central area of Bucharest. Timpuri Noi Square is a mixed project that is going to have an estimated total built area of 150,000 sqm. Reconverting an old factory into a successful and sustainable project, first of all dedicated to a growing community represented by the tenants of Timpuri Noi Square, is one of the project’s main features, combined with some technical details that we brought to the market for the first time. Besides the location, which is certainly one of our most important assets, we have built a project that is going to be sustainable over the years, marking a step forward in the evolution of these types of projects.
What are its key benefits?
Vastint Romania has been the promoter of 3-metre floor-to-ceiling height in our class A offices, as well as of great finishes and construction materials, having established a new standard for the Romanian market. We only use energy-saving electrical equipment and LED lighting, HVAC systems with superior ventilation capacity using 100 percent fresh air supply, all our windows are openable at every 2.7 metres, with an emphasis on increased natural light provision and views of outdoor surroundings, but the most important element would be our focus on the community: that’s why we are creating and implementing multiple activities for the people that work in our buildings. Timpuri Noi Square holds a great focus on the people who are populating our buildings. As a result of the great impact that Timpuri Noi Square had on the market, we decided to develop an even greener office hub, Business Garden Bucharest, which strengthens the bond between urban nature and people with more than 30 percent green areas, an amazing reception concept with common working spaces.
What can you tell us about the development of your business on the local real estate market?
Vastint’s history in Romania started more than 10 years ago, when nobody believed that we could change companies’ point of focus from the northern part of the city to the central area. Timpuri Noi Square has shown its success in becoming one of the most important office hubs in Bucharest, hosting great names like Biutiful Downtown, Carnivale Food Market, Zitec, GoPro, Impact Hub, Bolt, and many others. Business Garden Bucharest comes as a complementary project, covering the western part of Bucharest, with a unique landscape and an amazing reception concept, as well as technical facilities that have led to an LEED Platinum certification with the highest score in CEE. Both projects are LEED platinum certified, and taking the first 5 places in the Romanian ranking has been our greatest achievement so far, and has made us more aware about the greatness of our projects and the impact we can have on the market.
What are your short and medium-term plans in Romania?
The future will bring a further development phase for the office buildings in Timpuri Square, as well as a new challenge for Vastint Romania, through the Sisesti residential project.