Millennium Business Center, Romania's tallest steel-structured building, has been bought by British investment fund European Convergence Property Company, managed by Charlemagne Capital, one of the largest companies on the London market. In Romania, Charlemagne Capital is represented by Capital Partners. The realty transaction, valued at €36.5 million, was brokered by Eurisko.
Millennium Business Center, Bucharest, Romania.
The building, which will be delivered this autumn, is developed by Millenium Estate. The sellers of Millennium Business Center are Antonis Kapraras and Greek company Euroestate.
The building is 90% rented, and we are now in talks with potential tenants for the remaining available area. The list of future tenants includes names such as the World Bank and Transelectrica. During the transaction, our company acted as advisor to the seller. Negotiations started about five months ago, and the buyer was selected based on the company's good reputation on the local market, on its flexibility and knowledge of the Romanian real estate realities and the price it offered. At least another three such important transactions will be closed by the end of the year. One of them is certain to be deemed as the transaction of the year on the office market, outranking even the sale of the Charles de Gaulle Plaza," says Radu Lucianu, a partner with Eurisko.
The Millennium building is located on Carol Boulevard, close to Biserica Armeneasca (Armenian Church) and the headquarters of the Bucharest Stock Exchange.
Millennium is now one of the most appealing properties in Bucharest. With a total built surface area of more than 25,000 m², the building has four underground levels, providing plenty of parking space, a ground floor, 18 office floors (and a technical floor). These features, combined with an outstanding architectural concept for a building that is more than 72 meters tall, confirm that Millennium is Romania's tallest steel-structured building," Lucianu adds.
The finishes and the facilities are truly Class A. Among the relevant facilities is the HVAC system (four ducts), which secures individual temperature control and natural ventilation, the elevated floor in the office space, the suspended ceiling with embedded lighting, the fire detection and prevention system with smoke sensors and sprinklers, the five elevators and two escalators, but also the around-the-clock surveillance and guard system.
Surface area for rent will vary between 500 and 1,000 m² per each level, being configured as open spaces, which will allow the tenants to divide them according to their own standards and wishes. Tenants and visitors will also enjoy a commercial center, located on the ground floor, which will include a bank, shops, two restaurants, a cafeteria and a coffee shop.
The class A office space project was initially developed by the Greek company Aegek Rom Construct, but was taken over by Antonis Kapraras and Nestor Kanellas, in a deal estimated at €5 million, about a year ago. Construction works for Millennium Business Center started in 2001, with an initial investment of €25 million (construction and land).