News Article Bucharest Colliers mixed-use redevelopment Romania
by Property Forum | Retail

The reconstruction of Magazinului Bucuresti, the former universal shop located at the crossroads of Lipscani Street and I.C. Bratianu Boulevard in Bucharest, will be finalized by the end of this year. The new building will accommodate diverse concepts, from retail and services spaces to office, co-working or dining spaces. Colliers International Romania was assigned as exclusive agent for the leasing of the project.

The future Magazinul Bucuresti will have a gross leasable area of around 3,150 sqm, 6 floors (6+GF) and will benefit from over 2,600 parking spaces in the vicinity, in Universitate, Intercontinental, Cocor and Unirii areas. The building is designed to accommodate a variety of tenants, from the retail and services segments, offices, co-working and restaurants. As a result, Magazinul Bucuresti could become the most important mixed-use project in the center of the Capital.

„With a fascinating history, Magazinul Bucuresti will always be considered a landmark for the Capital’s real estate market. Therefore, 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”, Venera Maria Munjev, Senior Associate Retail Agency at Colliers, said.

Due to its central location (at the entrance on Lipscani Street), the project benefits from both maximum visibility from the I.C. Bratianu Boulevard and excellent connectivity to major public means of transportation (metro – Piata Unirii and Universitate stations, bus, tram). The 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 can be found in the area annually –, and to the Piata Unirii (1 and 2) and Universitate metro stations, that have registered in 2018 around 13.3 and 6.5 million trips respectively.

Magazinul Bucuresti is one of the most important historical monuments in the capital. Build in two phases, the center dates back from the interwar period (1929-1939). Moreover, it used to be one of the most accessed shopping centers in the city. Nowadays, the building is going through a process of complete reconstruction and only the facade will keep the original aspect, as the rest of the building will be adapted to a Class A project.