Israeli-owned real estate developer Hagag Development Europe has received the urban planning certificate for the restoration of Știrbei Palace in Bucharest which will be converted into a modern office building.
The company is also applying to convert the former carriage house into an annexe and intends to invest a total of €20 million in the project. The new office building should eventually have an area of 2,933 sqm with 776 sqm on the ground floor.
The building dates back to the 18th century and between 1849 and 1856 it was a royal residence. The most extensive changes were made to the property during 1881 and 1891 when architect Frederich Hartmann worked on a project to transform the facades of the palace to the look they have today.
“We are convinced that reviving the palace and reintroducing it to the commercial market will improve the image of Bucharest, not only for the inhabitants but also on an international level. Of course, a building as important as Știrbei Palace could not be returned to the public without supporting local culture and talent, which is why we have decided to dedicate one of the building,” Yitzhak Hagag, Chairman of Hagag Group commented.
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