Bucharest, March 2024: The Cushman & Wakefield Echinox real estate consulting company has been appointed to manage the Expo Business Park office project, one of the most representative projects in the Expozitiei area of Bucharest, starting from January 2024.
As a result, the portfolio managed by the company’s asset services department reached almost 500,000 sq. m, with a total market value of €550 million. The projects in question accommodate 230 tenants from a wide range of industries, with operational expenditure budgets amounting to €9.65 million.
Cushman & Wakefield Echinox will be responsible for the management of the daily administrative-operational activity within the project, tenant relationship management, operational supervision, financial services and landlord reporting, as well as for the implementation of community management programs dedicated to tenants. Moreover, the services provided also include overseeing the relationship with subcontractors and authorities, following the compliance with legal requirements, and creating opportunities and solutions for inreased efficiency in line with ESG standards through a team of specialists both on-site and at the headquarters, coordinated by Mihaela Petruescu, Partner Asset Services.
Mihaela Petruescu, Partner Asset Services Cushman & Wakefield Echinox: ”Taking over the management of Expo Business Park is an extraordinary opportunity to capitalize on the expertise and background of the Cushman & Wakefield Echinox team, both in relation to the owner of the building and its occupants. The office market is going through a repositioning period and managing buildings in a proactive manner through which we can quickly and effectively respond to the tenants’ requirements and needs, represents a competitive advantage for landlords. In this context, we have diversified and refined our services so that our role is no longer just to optimize the administrative and maintenance costs of an asset, but also to become a strategic partner in promoting and positioning buildings to be attractive to both tenants and their employees.”
The Expo Business Park complex is one of the largest A – class office projects in Bucharest, being located in the Expozitiei area, 450 meters away from 1 Mai metro station. It consists of three buildings, with an area of 40,950 sq. m. The underground car parking can accommodate 600 cars, with LED lighting, vehicle recognition technology, cycle racks and changing facilities for cyclists.
The project is part of the CPI Romania portfolio, one of the largest players on the local real estate market and it was completed in 2019, benefitting from a BREEAM Outstanding certification.
The main tenants include ING Bank, MagnaPharm Marketing & Sales Romania, Deutsche Leasing, Mars, Omega Pharma, Regus / Spaces, Royal Canin and World Class.
Fulga Dinu, Country Manager, CPI Romania: ”Expo Business Park is the most impressive property in the CPI Romania portfolio, with an occupancy rate of 100%. One of the CPIPG’s strategic directions is to look out for our tenants’ needs and requirements and to adjust the conditions and offers according to them. From this perspective, we need strong partners who share our vision and support us in achieving our goals, and Cushman & Wakefield Echinox is exactly this type of partner”.
CPI Property Group
CPI Property Group is one of the major real estate owners in Europe. With a property portfolio valued at over €23 billion, CPIPG owns premium assets in Prague, Berlin, Viena, Bucharest and Budapest. The Group’s portfolio also includes retail properties in Central and Eastern Europe, as well hotels, residential units and land plots.
Cushman & Wakefield Echinox is a leading real estate company on the local market and the exclusive affiliate of Cushman & Wakefield in Romania, owned and operated independently, with a team of over 80 professionals and collaborators offering a full range of services to investors, developers, owners and tenants. For more information, visit www.cwechinox.com
The asset services department within the company manages the most diverse property portfolio, providing management services for office buildings, industrial parks and retail projects, totaling almost 500,000 sq. m in Bucharest and in the main cities in the country.
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2023, the firm reported revenue of $9.5 billion across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), sustainability and more. For additional information, visit www.cushmanwakefield.com.