Insolvent state – owned Romanian company Hidroelectrica, Romania's largest state-owned firm, recently signed a lease on 3,200 sqm of office space in the Tower Center International building, over 10 years and will move into the new offices at the end of March this year, according to Mediafax newswire. The company will occupy four floors in the building, the 11th, 12th, 13th and 14th floors, according to Remus Borza, judiciary administrator of Hidroelectrica. The company will pay less on the new headquarters than in the current premises, on the Carol I Boulevard in Bucharest.

Tower Center International, developed by Avrig 35, which has been empty for the last three years because of litigation, was bought last year by investors Ioannis Papalekas and Dragoş Bîlteanu for some EUR 50 million. The 22-floorey building, which covers some 22,000 sqm and is over 100 meters tall, will reach an occupancy rate of some 70 percent in the following months. Only a third of the building will remain unoccupied, according to Bilteanu, quoted by business newspaper Ziarul Financiar.

editor@romania-insider.com

(photo source: Bog'Art)