The office block has four levels with a total rentable area of 6,600 sqm and 74 parking spaces, according to the draft. Loi is owned by Greek businessman Spyros Loizos, who controls a 60 percent stake, and Greek company Loimac, which carries out industrial car imports in Romania.
According to a report by BNP Paribas last month, the office market in Bucharest is experiencing the negative effects of the economic downturn manifested in declining rents and leasing activity. Although the segment performed remarkably well in the first semester of 2008, market fundamentals have been softening at a moderate pace especially since Q4. The current real estate market situation creates demand from companies that are currently locked into rental contracts signed a while ago, which now exceed the current rental market value. These tenants are trying either to renegotiate their ongoing lease or obtain a better quality for the price they pay in other buildings, the report says.