by Property Forum | Office

The Iulius Company completed a new office building spanning on over 13,000 sqm in Openville Timişoara, the mixed-use project the company develops together with Atterbury Europe in the vicinity of Iulius Mall. United Business Center 1 (UBC 1) is the second building opened in Timişoara in 2017, after UBC 2 (18,000 sqm) opened in January. Following this latest achievement, the total office area delivered by Iulius on the local market over a single year now adds up to 31,000 sqm.

The newly opened building comprises 12 floors and the companies that leased premises in UBC 1 include Atos (6,000 sqm), an international provider of IT services, and Intel (2,400 sqm), worldwide tech manufacturer. The building was erected in accordance with green building standards and will benefit from LEED certification.

Works are currently underway in the project for the third office building - UBC 3 (19,000 sqm), which will be completed in 2018. Visma Software, a Norwegian developer of business management software solutions, leased 4,200 sqm in UBC 3. Moreover, the construction works for UBC 0, the tallest building in Romania (155 meters and 27 floors) are scheduled to commence early next year.
Upon completion of the first phase of the Openville project, in Q4 2018, the office component will include a 50,000 sqm area in operation (in the UBC 1, UBC 2 and UBC 3 buildings) and another 50,000 sqm pending construction (in the UBC 0 building).
Altogether, the first phase of development that will include 100,000 sqm of Class A offices, 47,000 sqm of additional retail premises, a park spanning on 55,000 sqm, a traffic underpass and more than 1,500 new parking spaces fitted in a multilevel parking facility and in an underground parking lot.
The second phase of the Openville Timişoara project will entail the development of approximately 85,000 sqm of office spaces (in four other buildings) and 25,000 sqm of retail spaces, depending on the market demands.
The Openville project is developed by the Iulius and Atterbury Europe companies, adding up to an estimated investment upwards of €220 million.