Primavera Development and Griffes have announced the launch of the construction of the Muse office building, to be located close to Miorita Fountain, in one of the most reputed office areas in Bucharest. The area offers unrivalled road connectivity and accessibility on DN1, towards both the heart of the city and the airport outskirts but also the high prestige of a historical neighbourhood. The total investment will exceed €16 million and is scheduled to be delivered in 2023.
The two partners have joined forces into creating a strategic Joint Venture to develop the office building as co-investor. The construction works are under the direct coordination of ACMS General Contractor, part of Primavera Group. Griffes is appointed to coordinate the sale, marketing and leasing of the project, in an exclusive agency mandate.
Muse is an office building offering 7,500 sqm rentable area on six above-ground floors with matchless views over Herastrau Park and overviewing the historical Royal Railways Station, minutes away from the entrance. The property is well endowed with 3 underground levels and ramps going up and down for occupiers to reach their 150 parking spaces or technical and storage units.
The name and the concept of the property are inspired by close cooperation with the Plastic Artists Union in Romania, currently having their headquarter nearby. The neighbouring Artists Union will benefit from a new building that Primavera and Griffes will deliver to them adjacently from the project, and the two properties will function symbiotically by incorporating common access and a unique design lobby to be specially adorned with unique art pieces speaking of the history of the place.
The construction works have been kicked off in November and already completed the excavation works, heading to the finalization of the underground infrastructure.
Presei Square – Fantana Miorita – Charles de Gaulle is one of the highly appreciated office areas in the capital city of Romania, even in the most challenging moments of 2020-2021 most of the office contracts have been renewed. More than 40,000 sqm were subject to renewal in this submarket, marking close to 30% of the total renewals in the modern buildings in Bucharest.
“We see Muse as a new chance we get to show what we learned through our past development experience and to create yet another boutique office building with outstanding facilities and a strong identity. The address of the project, together with the connectivity and the parking facilities designed together with ACMS will make the project one of the most accessible and visible in North Bucharest. We target companies with a reputation and a good business card to become occupiers at Muse. We couldn’t help notice a change towards hybrid working models – office presence combined with work from home. This change requires a new concept for the office space dynamic, and we are preparing this to help tenants satisfy these new demands. We are proud to have MUSE solely represented by Griffes and we are confident this partnership will bring the sought-after added to the project”, said Daniel Tanasoiu, founder of Primavera Group.
“Muse is our first project as a direct investor and we are excited to be involved more extensively than from the agency role. We are contributing to Muse through our in-depth market knowledge and methodical, creative approach to tenants. I am honoured to bring to the table the capabilities of an elite team of advisors that we built over the years, next to the great reputation of Primavera team”, added Andreea Paun, Founder of Griffes.
According to Griffes data, the lengthy and difficult permitting process will put a break to the construction of offices. Between 2023-2024, the market in Bucharest will hence see very scarce deliveries. Under 50,000 sqm Class A office space will be delivered in the next 3 years, which will make Muse one of the very few modern properties that tenants can opt for.
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