AFI Development plc has announced that it has leased the Paveletskaya office complex to a single tenant ZAO GREENATOM, a subsidiary of the State Atomic Energy Corporation ROSATOM.
An 11-month lease agreement was signed with ZAO GREENATOM, which would roll over a three-year period once the ownership certificate has been obtained, expected before year-end.
With a total area of 16,500 m², including a total leasable area of 13,130 m², the Paveletskaya complex faces the Moscow river embankment and has a well-developed infrastructure, including cafes, restaurants, bank branches, conference facilities and a spacious open and underground parking. The aforementioned lease is rouble based and is expected to yield a first year annualized revenue of approximately US $4.7 million (approx. €3.3 million) VAT exclusive.
The Paveletskaya Complex is a renovation of manufacturing building to class-B office center and the first phase of a larger development project at Paveletskaya embankment.
Tzvia Leviev, Marketing, Asset Management and Business Development Director of AFI Development, commented: "We are proud to announce our success in leasing out the Paveletskaya office complex on its completion. We are very pleased with the leasing price we were able to negotiate and the fact that we have obtained a sole tenant for the entire complex in ZAO GREENATOM.
"Despite the slow recovery of the office market, we maintained our confidence in the project and resumed its construction at the first signs of market improvement. This deal demonstrates our high standards of construction and development, which we believe will continue to drive our success."
Source: AFI Development