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Bucharest
March 8, 2021
SUPPLEMENTS

SkyTower getting ready to welcome tenants

Romania’s tallest 37-storey building Sky Tower was a construction ‘difficult to design and engineer due to its cylindrical shape, the perfect combination of a round and rectangular building’, as one of the project architects, Hoffman & Janz, says. Spaces from floors 2 to 7 as well as the Floreasca Office building at the foot of the tower have a total lettable area of 23,000 sq m, to be occupied by roughly 1,700 Raiffeisen Bank Romania employees. Raiffeisen Property, the real estate division of the Austrian Raiffeisen Group, owner of the building, is still looking for tenants for the storeys from 8 upwards. Last autumn, the Austrian landlords were saying the rent for higher floors was about 20 euro per square metre and about 14 euro per square metre on the lower floors.On the first floor of the tower there is a restaurant and, as Romanian project architect Mihai Eftenie says, the space has been complexly rented. ‘The tenant is already setting it up’, says Baumac Proiect General Manger Vlad Eftenie, without disclosing the name of the tenant. ‘Raiffeisen Property takes care of the office letting operation itself’. In 2011, Baumac Proiect posted over 500,000 lei turnover and 200,000 lei profit, according to Finance Ministry data. Some ten architects worked on the Sky Tower project, according to Eftenie, who adds that each floor can accommodate a maximum of 110-140 people. Asked whether the cylindrical shape of the building was a shortcoming for potential tenants, the Romanian architect gave a categorical answer: ‘In no way does it hinder them. It is a round-shaped space that can be much better maintained’. Although the Austrians’ tower is located in Bucharest’s best property development area, the competition for tenants will still be fierce. Last December, Raiffeisen Property International CEO Karl-Maria Pfeffer was saying about Sky Tower: ‘This is our biggest investment and the largest construction project on all our markets, not just Romanian. So we are happy to see this project coming to completion’. SkyTower gives a unique view over the Bucharest skyline from its rooftop panoramic restaurant (skybar) and conference centre.

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