BCR has concluded the ownership transfer of the landmark Bucharest Financial Plaza, the former headquarters of the company from Calea Victoriei to Immofinanz.
Immofinanz plans a renovation of the property into a high-quality and green myhive building with a sustainability certification of at least Gold.
Located next to the Old Town, Bucharest Financial Plaza is a landmark with 26.300 sqm GLA.
The property was completed in 1998, being the most imposing building in the city at that time, and was refurbished in 2012.
The building can be easily split between its two sections, Tower (17th floors) and Podium (6th Floors), and it has the largest natural illuminated atrium in the city.
BCR moved its headquarters in 2020, in a 14.400sqm space, in Business Garden Bucharest, a LEED Platinum certified office complex.
Calea Victoriei in Bucharest, the 2.8-kilometer-long artery between Piața Victoriei and Piața Națiunilor Unite, will continue to grow as an office and hotel hub in the upcoming years, with the developers’ plans to build seven new office buildings and six hotels as a result of investments that could exceed the 300 million euros threshold, according to an analysis of Cushman & Wakefield Echinox real estate consulting company.
The new office buildings will provide a gross leasable area (GLA) of over 100.000 square meters, and the hotels would add to the offer over 700 rooms rated at four and five stars.
Currently, in the Calea Victoriei area, there are 12 office buildings with a GLA of about 55.000 square meters, representing less than 2% of the modern stock of Bucharest.
Regarding the hospitality offer, the area is the most developed in Bucharest, with over 2,000 rooms in four and five stars rated hotels, representing about 30% of the accommodation capacity of the Capital in this segment.
The most advanced projects are the Autograph by Marriott Old Town hotel, which will have 214 rooms, respectively the office projects Millo Offices, Tandem Offices and Dacia One, with a leasable area of about 40.000 square meters.
Regarding the investments volume, taking into account this area cost of land, which is among the most expensive in Bucharest, they can be estimated at over 2.000 euros / sqm of office GLA and between 100.000 and 150.000 euros per four or five stars hotel room.
Thus, the development value for the construction of the proposed office buildings can be estimated at over 200 million euros, while hotels could attract a budget between 75 and 110 million euros.
The most recent completed investments in this area are the Moxy Old Town Hotel on Doamnei Street, which has 119 rooms, and Victoriei 109 and Mendeleev Office 5 office buildings with a total GLA of over 10.000 square meters.
Calea Victoriei, the most representative high-street location of Bucharest
Calea Victoriei is considered the most representative high-street location of Bucharest, attracting over time a series of premium and luxury fashion brands, such as COS, Hugo Boss or Gucci.
In the recent years, it tends to become an area for promenade, especially in the evenings and on weekends, when people can better observe the dozens of palaces and representative buildings that host museums, cultural spaces or public institutions.
In addition, Calea Victoriei is an important destination in terms of restaurants, bars and cafes located in the Amzei – Romanian Athenaeum or Lipscani – Smârdan (Old City) areas.
Office projects proposed for development in Calea Victoriei area
Project
GLA (sq m)
Developer
Status
Luterana Development
26,400
Globalworth
In planning
Doamnei 7-9-11
20,000
S+B Gruppe
In planning
Dacia One
15,000
Atenor
In construction
Tandem Offices
15,000
Forte Partners
In construction
Casa Manu Offices*
15,000
Strabag
In planning
Millo Offices
9,000
Forte Partners
In construction
Ştirbei Palace
TBD
Hagag Europe
In planning
TOTAL
100,400
Source: Cushman & Wakefield Echinox, *unofficial name
Hotel projects proposed for development in the Calea Victoriei area
