The reconstruction of iconic universal store Magazinul Bucuresti, located at the crossroads of Lipscani Street and I.C. Bratianu Boulevard, will be finalized by the end of 2019, according to real estate consultancy company Colliers International Romania, which was assigned as the project’s exclusive leasing agent. The new building will accommodate diverse concepts, from retail and services spaces to office, co-working or dining spaces.
The future Magazinul Bucuresti will have a gross leasable area of around 3,150 sqm, 6 floors (6+GF) and will have in its vicinity over 2,600 parking spaces, in the Universitate, Intercontinental, Cocor and Unirii areas. The building is designed to accommodate a variety of tenants, from segments such as retail and services, offices, co-working, and restaurants. As a result, Magazinul Bucuresti could become the most important mixed-use project in central Bucharest.
Thanks to its central location, the project benefits from both maximum visibility from the I.C. Bratianu Boulevard and excellent connectivity to multiple means of public transportation (metro – Piata Unirii and Universitate stations, bus, tram). Pedestrian traffic is boosted by the proximity to the Old Town (the number of tourists here exceeds 2 million annually), to the University of Bucharest – around 25,000 students per year –, and to the Piata Unirii (1 and 2) and Universitate metro stations, which in 2018 recorded around 13.3 and 6.5 million trips, respectively.
“With a fascinating history, Magazinul Bucuresti will always be considered a landmark for the Capital’s real estate market, so the reconsolidation of the building comes at the right time. The city needs special buildings and historical monuments to be restored, and I am glad that such a project will be available for potential clients that are looking for space located in the most central part of Bucharest, but adapted to current standards,” said Venera Maria Munjev, Senior Associate Retail Agency at Colliers.
Magazinul Bucuresti is one of the most important historical monuments in the Capital. Built in two phases, the building dates back from the interwar period (1929-1939), and it used to be one of the most popular shopping centers in the city. Nowadays, the building is going through a process of complete reconstruction and only the facade will keep its original appearance, as the rest of the building will be adapted to a class A project.