Piraeus Bank moves to new headquarters

2010-02-04

Piraeus Bank has announced that it will move to an office location in Piata Victoriei and leave the 5,000 m² office space which it now occupies in the centre of Bucharest. It occupies approximately 2,000 m² in Casa Mosilor and 3,000 m² in International Business Centre-Modern in Piata Rosetti.
The bank invested about €25-30m in the construction of one of the tallest buildings in Bucharest. It employs 2,000 people in Romania.
The International Business Centre-Modern building takes up 8,000 m². Piraeus was one of its most important tenants, along with the insurance company Astra Asigurari. The other location which Piraeus Bank is abandoning is the Casa Mosilor building, which is owned by the UK’s Equest Balkan Properties investment fund, which bought it for €6m in 2006.
Owners of office space in Romania are facing the most difficult time in a decade and grappling with a high vacancy rate. At the end of 2009, the vacancy rate on the Bucharest office space market reached 16.5%, according to the property consultancy CB Richard Ellis Eurisko.