Bucharest Technology Park ends 2012 on a high

SWAN Office & Technology Park, a landmark development in the Romanian capital, has secured an occupancy rate of 35% going in to 2013, owners Chayton Capital announced yesterday.

The project has secured tenancy with four further occupants – including three technology-based companies - in the last quarter, bringing the total amount of space let to 2000m².

They include Billfinger Berger, an Austrian engineering and construction company, as well Dutch consultancy and engineering company Tebodin B.V., who have taken 640m² and 350m² respectively.

When questioned on the motive behind their move, latest occupants Tecnoservice, the Romanian civil constructions company, said the facility’s premier technical specifications correlated with their corporate image and persuaded them to take 750m² of office space.

George Didoiu, Senior Associate in the Office Agency team of Colliers International, mediated the occupancy agreement with Tecnoservice and believes that it is both the quality of the facilities at the park, as well as its status as a dedicated technology park, that are the key factors in driving the recent spate of lettings.

He said: “Each of the deals closed in Q4 2012 involved a rigorous assessment of the existing class A office buildings in Bucharest, in which SWAN Office & Technology Park proved to be the solution that best fitted not only the companies’ specific requests, but also their corporate image.

“The exceptional quality of the building, doubled by a competitive financial offer and flexible space planning options, represented the main criteria in favour of SWAN”.

Pipera, a subsidiary of ING, becomes the fourth retailer to move to the site, with representatives hoping that the move could be mutually beneficial in securing greater traffic and visibility for the company, as well as improving facilities and highlighting the diversity of the SWAN project.

SWAN Office & Technology Park now accounts for nearly 60% of 2012’s total net take-up of office space in the Pipera-Voluntari region, making them the most frequent corporate destination by far, with a host of deals already earmarked for 2013.

David Allen, Head of Real Estate at Chayton Capital LLP, commented: “In the life of such a complex project, there is one switch-point when perception changes in its favour and what seemed to be impossible proves to have always been the only possible way.

“For SWAN – which began as a revolutionary office building with above-market specifications in an unexplored, challenged part of the city – this moment is now.

"Our mission for 2013 is to continue the efforts towards increasing the facilities and service standards in order to provide our existing and future tenants with the best-possible platform where they can perform”.

Construction at the park was completed during the second quarter of 2011 following an investment in excess of €50m from Chayton LLP, and now services the capital with a total of 29,124m² of both Grade A office and commercial space.

The project has been widely praised for raising the standard of office provision in the country, becoming the first business and technology park in Bucharest, the first green building in Pipera and the first BREEAM certified property in Romania – with a rating of ‘Very Good’.

The Europa Property SEE Real Estate Awards Gala 2012 named the building both Office Development of the Year 2011 and Overall Project of the Year.

Photo courtesy of swanofficepark.com