Honeywell extends lease, takes up more space in Bucharest's Upground Offices

American company Honeywell recently renew its lease in the Upground Offices in the Pipera area of Bucharest, where it also took up an additional 3,000 sqm, ending up with a 11,000-sqm office space in the compound. The lease was brokered by Jones Lang LaSalle, which announced the deal. Upground Estates is the property of RREEF Real Estate, which is part of the German group Deutsche Bank. Honeywell has 1,800 employees in Romania and runs two factories, one in Lugoj - Honeywell Life Safety- and one in Bucharest - Honeywell Turbo Technologies. Its turnover in Romania last year stood at some EUR 110 million. Since the beginning of the year, the office department of Jones Lang LaSalle has concluded 12 office deals, for both the Tenant Representation and Office Agency business lines which totals over 22,000 sqm. Among the clients who chose Jones Lang LaSalle as exclusive leasing consultant in 2013 are Daimler Group- Mercedes Benz (3,000 sqm), Halcrow (1,200 sqm), ExxonMobil (1,000 sqm), Cisco, Discovery and Canon. The UpGround compound was developed by several British and Greek investment funds represented by Greek investor Ioannis Papalekas. RREEF Real Estate, the real estate branch of Deutsche Bank, took over the residential compound and the two office buildings for EUR 340 million in 2008. editor@romania-insider.com