Knight Frank Romania brokered the largest office transaction on the Romanian market in 2016 by advising BCR (Romania’s largest commercial bank, part of Erste Group), on the consolidation of their Head Office operations in Bucharest. The Knight Frank team, led by Horatiu Florescu Chairman & CEO has been working on this complex assignment together with BCR’s team for the past 18 months. All negotiations were finalised at the beginning of April 2016, and the contract was signed with real estate developer Forte Partners. BCR will partially consolidate its headquarter operations in The Bridge building (the newest business park, located in Grozavesti-Orhideea area) while keeping another part of its current operations in an existing building located in central Bucharest.
Knight Frank provided BCR with an in-depth overview of the options available on Bucharest real estate market and also a detailed financial analysis of all incremental cash flows related to the consolidation project. The analysis was also focused on identifing and quantifing non-financial indicators that were relevant for BCR and this consolidation project overall. This is the second transaction this year that Knight Frank Romania has closed larger than 10,000 sq m.
Horatiu states: "We are pleased the Knight Frank team had the opportunity to offer its support and expertise in the consolidation of BCR’s business headquarters. Consolidation of premises adds to our specific expertise, together of course, with pre-leases where we have the largest market share of 57% in the last 5 years The signing of this transaction, the largest office lease this year, confirms the positive evolution of demand on this segment and the companies‘ preference for pre-leases.“, stated Horatiu Florescu, Chairman & CEO, Knight Frank Romania.