Skanska Sells Second Building in Bucharest Office Complex

By Veronica Grecu, Associate Editor

Green Court, Building B

Bucharest, Romania—Shortly after completing Building B of the Green Court office complex in Bucharest, Skanska sold the asset to Globalworth Real Estate Investments, an investment company controlled by Romania’s “office king” Ioannis Papalekas.

The property changed hands for €47 million (US$50.34 million) and the sale will be recorded by Skanska Commercial Development Europe in the fourth quarter of 2015, with the transfer of the property scheduled for the same quarter.

Located at 4 Gara Herăstrău St., in Bucharest’s emerging Central Business District and within walking distance from a metro station, Green Court is the first office complex constructed by the Swedish developer in Romania. The development, which offers a total leasable area of approximately 54,500 square meters (586,633 square feet), was built in phases under conceptual plans designed by Romanian architecture firm Popp & Asociații. Building A was completed in fall 2014, while Building B opened earlier this year and Building C is schedlued for completion in 2016. According to Skanska, Building A was also sold to Globalworth in a €44 million (US$47.19 million) transaction that was finalized in June 2015.

Back in August 2014, Skanska announced the name of the first tenant to move into the 12-story Building B, Sanofi Romania—a division of the French pharma company Sanofi—who leased 2,200 square meters (23,680 square feet) and moved into its new office in June 2015.

Rendering courtesy of Skanska