Iulius opens largest office building in Romania after EUR 120 mln investment
Iulius Company opened Palas Campus in Iasi, eastern Romania, on April 25 - an urban regeneration project promoted as the largest office building in Romania. The investment amounted to over EUR 120 million, being the largest private investment in Iasi in the last decade, the developer said.
In numbers, Palas Campus Iasi means 54,000 sqm of class A office spaces and 6,000 sqm dedicated to restaurants and services, 13 companies from the US, Germany, France, Norway, Switzerland and Romania among tenants, and 5,000 specialists in IT & automotive working here.
Palas Campus is located in the immediate vicinity of the Palas Iasi ensemble - the EUR 320 million mixed-use project opened in 2012. To this date, Iulius Company developed five real estate projects in Iasi, which add up to 130,000 sqm of office space and 105,000 sqm of retail spaces for which it allocated EUR 0.5 billion (Palas Iasi, Palas Campus, Iulius Mall Iasi, Family Market Miroslava, and Family Market Bucium).
Iulian Dascalu, president of Iulius, said: “We kickstarted Palas Campus when we were already facing the challenges of the pandemic in an expectant office market. We are now welcoming our partners into our new building: 13 world-renowned companies, with dedicated offices for more than 5,000 local talents in the creative and automotive industry, who are working here on programming that impacts the future of business, safety and quality of life in general.”
Palas Campus comprises six building blocks with a vertical structure spanning maximum six floors, connected on the ground floor level and the first three floors, with a leasable area of 60,000 sqm, spread horizontally, of which 54,000 sqm of office premises and 6,000 sqm of retail premises. The campus is designed as an integrated mixed-use project, with the ground floor including restaurants, coffee shops, a supermarket, a gym, a medical center, and an area for services.
A total of 13 companies from the US, Germany, France, Norway, Switzerland and Romania have set up head offices in Palas Campus, with some opening their first offices in the region. The list of tenants includes Amazon Development Center Romania, AMD – Advanced Micro Devices, Allianz-Tiriac, Cognizant Softvision, HELLA Romania, and Microsoft.
The tenants of Palas Campus have access to an underground parking lot with 625 parking spaces spanning two levels, which entailed an investment upwards of EUR 33 million.
Similarly to other urban regeneration projects developed by Iulius Company, Palas Campus has a solid green footprint. In 2021, the building obtained the first green loan granted to a Romanian company by the IFC (International Finance Corporation, a member of the World Bank Group) of EUR 72 million. The building is also undergoing a double green certification process.
In total, the business hub developed in downtown Iasi by Iulius Company via Palas Campus and Palas Iasi integrates eight buildings and 130,000 sqm of class A offices, accommodating more than 70 companies.
Iulius Company is a developer specialized in mixed-use urban regeneration projects that operates in four Romanian cities, namely Iasi, Timisoara, Cluj-Napoca, and Suceava. The investments made in Romania add up to more than EUR 1.2 billion.
(Photos: Iulius Company)