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GE leases 4,000 sqm in Iride Business Park

21.07.2005, 19:14 18

The US industrial giant General Electric has signed a pre-lease for around 4,000 square metres of office space in Iride Business Park, according to an announcement by the real estate company CB Richard Ellis, the broker in the deal. The value of the deal was not revealed but, according to market sources, the normal monthly cost of office space in this location is 12-14 euros per square metre. As pre-leases are usually signed for between five and seven years, the value of the deal could amount to 3.5-4 million euros. The pre-lease was concluded ten months before the office space is delivered to the market. Besides actual rent costs, a further 1.5-2.5 euros per square metres could be spent on upkeep. General Electric has chosen this particular office development in northern Bucharest for its technological solutions and business services centre. The initial investment in this GE project is 80 million dollars (70 million euros). ZF

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