Romanian investor Dragos Dragoteanu, the owner of local real estate firm Euroest Invest, plans to develop an office project on a land plot of 3,372 sqm he owns in downtown Bucharest, Ziarul Financiar reported.
The project will include three office buildings with 4, 11, and 15 stories plus four underground parking levels.
The land plot is located on Buzesti Street, close to Victoriei Square and just across the street from the Tiriac Tower, another office project developed by Romanian billionaire Ion Tiriac.
The land is currently used as a parking lot, namely the most expensive parking in Romania.
A one-hour stay in this parking lot costs RON 60 (EUR 12.4), which is six times more than the hourly fee for parking lots operated by the Bucharest municipality in the area (RON 10 per hour).
Up to 20% of the office spaces currently occupied could become vacant in the next period. The demand for offices will...