ARTICLES LABELLED WITH TAG office

Vienna-based real estate investment company S Immo AG has launched another project in Bratislava, the Einsteinova Business Center. The property is located right near the Danube in the Petržalka district and is directly connected to the old town via a pedestrian and tram bridge. An office building offering 23,500 sqm of lettable space is being built on the site, which encompasses roughly 11,600 sqm. The building is planned as a green building and should receive BREEAM certification with a level of “Excellent”.

Spanish investment fund, Azora Europa l, has sold Galleries Louvre, their prime office property in Prague 5, to Redstone Real Estate, a private equity platform. The counterparties agreed not to disclose the price. The property is a mid-sized office building offering approximately 4,800 sqm of prime administrative space and is fully and long-term let.  

Echo Investment has sold West Link to Griffin Premium RE, a new platform created by Griffin Real Estate. The companies have just signed preliminary agreements as a result of which Griffin Premium RE will control and ultimately purchase the Wrocław-based office building West Link and invest into Echo Investment’s commercial projects in Warsaw – Beethovena and Browary Warszawskie.

In recent years, Łódź has enhanced its position as an important destination for companies from the business services sector in Poland. Numerous global brands, such as Accenture, Fujitsu Technology Solutions, Infosys, TomTom and Xerox, have established their business services units in Łódź. JLL summarised 2016 on the office market in Łódź.

In the second half of 2016 Class A offices in Bulgaria took 70% in the total supply, shows the latest research of Colliers International. The interest is generated mainly from companies coming from the outsourcing and IT sector, which has a growing share in the office market transactions – 60% during the first half of 2016 and 74% during the second. Their requirements include modern and functional layouts, comfortable workspace, convenient location, easily accessible through public transport, availability of restaurants, sports centers and additional services in close proximity. As a result to the active demand for this type of offices, the annual net absorption in quality Class A and B buildings in Sofia increased by 26%.

After 2015's record-breaking performance, when demand totalled 64,900 sqm, 2016 closed with a very good result – office lease agreements for 64,100 sqm were signed in Poznań. An interesting trend in 2016 was the increased share of pre-let agreements in overall demand - much higher than in previous years. Also, more companies have decided to expand their office space, illustrating how buoyant the market is. JLL summarised 2016 on Poznań's office market.

Futureal Group signed a credit agreement of €45.1 million with Erste Bank Hungary Zrt. in order to finance the realisation of the Corvin 5 office building. The first phase of the building is expected to be handed over at the end of 2018. 

Vienna-based investment manager GalCap Europe has acquired Merkúr Palota (the Mercure Palace), a fully renovated office building in Budapest. The seller is a private investor; both parties agreed not to disclose the purchase price.

HB Reavis has gained planning consent for its next new major development, Agora Budapest, situated next to city’s busiest boulevard and the Váci Road office corridor. Construction on the first building called Agora Hub has already commenced. Agora Budapest will be built in several phases and will comprise more than 136,000 sqm of modern office spaces and retail units by 2023. The project will require an investment of approximately HUF140 billion (€447 million).

Immofinanz introduces its international office brand myhive to the Hungarian market, to be implemented in five of its office buildings in Budapest. The Greenpoint 7 and Haller Gardens have already become myhive Greenpoint 7 and myhive Haller Gardens, after a transformation process through which the properties’ common areas now offer an extended service range and improved infrastructure to encourage socialization. Plans call for the myhive concept to also be rolled-out at Átrium Park to become myhive Átrium Park, Globe 13 and Xenter 13 buildings to become myhive Thirteen.