Oracle Signs 200,000-SF Lease at Under-Construction Office Park in Romanian Capital
- Jul 13, 2012
By Alex Girda, Associate Editor
With CEO Larry Ellison putting the finishing touches on his Hawaiian island acquisition, Oracle Corp. has not put its international expansion on the back burner. On the contrary, the Redwood, Calif.-based tech giant has only recently committed to a 215,000-square foot, 10-year lease in a currently under-construction office complex in Bucharest, the capital of Romania. Developed by Portland Trust at the outskirts of the Southeastern European city, Floreasca Park is one of a number of construction projects the company has handled in the area.
Floreasca Park is a 400,000-square foot office complex made up of two buildings. Portland Trust acquired the five-acre piece of land in 2010 from a local landowner. After going through the initial development process, it received its final authorization for the complex in February 2012. Construction on the site began in May, shortly after the company decided on local contractor Bog’Art.
The 70 million Euro, or $86 million, project’s second building is also finding interest with investors, with 21,000 square feet of space already leased and an additional 75,000 square feet currently the subject of advanced negotiations. Depending on the success of the two office buildings, the project will include a second phase of construction that will provide an additional 540,000 square feet of leasable space. Floreasca Park was designed by architecture firm Chapman Taylor, which has designed a number of Portland Trust’s projects, while exclusive listing rights have been awarded to The Advisers/Knight Frank real estate brokerage and consulting firm.
The project, bearing a late 2013 deadline, will incorporate a number of environmental technologies, including geothermal heating and cooling technologies. Solar power was considered a less efficient route for this particular project, which will operate at 30 percent less cost than a conventional office building of its size. The project is being developed to BREEAM Excellent standards for sustainable construction. BREEAM is a leading design and assessment method currently used for the evaluation of more than 200,000 buildings worldwide.