First Building of Green Court Bucharest Office Complex Sells for $55.08M
Green Court Bucharest A will soon change hands. The first building of the approximately 560,000 square-foot office park is currently in Skanska Property Romania’s ownership and will be transferred to Globalworth Real Estate Investments LTD foreseeably in the second quarter of 2015.
By Balazs Szekely, Associate Editor
Bucharest, Romania—Green Court Bucharest A will soon change hands. The first building of the approximately 560,000 square-foot office park is currently in Skanska Property Romania’s ownership and will be transferred to Globalworth Real Estate Investments LTD foreseeably in the second quarter of 2015. The sale will be recorded by Skanska Commercial Development Europe in the fourth quarter of the current year.
Headquartered in Stockholm, Sweden, Skanska is a Fortune 500 group focused on construction, development of commercial properties, residential projects and public-private partnerships. The Romanian development arm started its operation in Bucharest in 2011 within Skanska Commercial Development Europe. Globalworth Real Estate Investments Ltd. is an AIM listed real estate company investing in the South Eastern Europe and Central and Eastern Europe markets, with a primary focus on properties located in Romania. Its portfolio currently comprises an Asset Manager platform and eight real estate investments all in Bucharest.
Green Court Bucharest is the first Skanska office development project in Romania. Located in the dynamic Floreasca – Barbu Vacarescu area the Class-A office is five minutes from the nearest subway station. The project is LEED Gold precertified and designed with a number of implemented green solutions such as energy efficient façade which reduces the solar heat gains, enhanced fresh air flow rate for a healthier working environment, energy efficient lighting systems equipped with motion and intensity sensors, charging stations for electrical cars, parking and facilities for cyclists (lockers and showers).
Completed just recently, the first phase involved in the transaction offers nearly 21,000 square feet of total leasable space and 280 parking spaces. It is already 91 percent leased out to tenants like Orange Romania and Schneider Electric Romania. The property will be delivered fully leased upon closing.
