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Portland Trust celebrates 20-year anniversary with start of last phase of Oregon Park, Bucharest

The central European property developer Portland Trust and US based Ares Management are embarking on the final phase of Oregon Park, their new office park in Bucharest. This event coincides with the company 20 years anniversary on the international real estate market.

2017-09-14 18:56:53

In October Portland Trust will start construction on Building C at the award winning Oregon Park, which will comprise 25,000 m2 net office space over 2 levels of underground car parking on ground and 6 upper floors. Building C will be a mirror image of Building B and will complete the business park at a total of 70,000 sqm net. The excavation has already been completed and the tender process will finish shortly, with completion of the Building C scheduled for end of 2018.

Building C will house another Stradale restaurant, operated by the event catering company Flavours, which has proven to be a winning and popular concept, and discussions are taking place with a fitness club for 1,500 m2 also on ground floor, adding further amenities to the park. Most of the remaining space is under discussion with companies already in the locality.

The 4 hectares site was bought from Gruppo Nusco in 2014 and Strabag was the general contractor for Phase 1, which comprises 45,000 m2 in two buildings. The 20,000 m2 Building A was entirely leased to Oracle and Building B is now nearly fully leased with 6,000 sqm remaining. Deloitte Technologie has continued to expand and currently leases over 5,500 m2 and two new leases to international technology companies totaling 3,600 m2 will be announced shortly. Other tenants include Medicover, Kambi, Europa FM and Euler Hermes. If current negotiations are successful, then it is likely that Building B will be full by the end of 2017.

Oregon Park is the last of three major office projects in the Barbu Vacarescu / Floreasca location developed by Portland Trust. The first being Floreasca 169A (38,000 m2), which was completed in March 2009, fully leased to Honeywell, ABB, Colliers, Abbott, Holcim, Marsh, DHL, L'Oréal, and ENI, and then sold to NEPI in December 2010. The second was Floreasca Park (39,000 m2) which was leased to Oracle, Allianz, Kellogg's, BASF, Saint Gobain and Ursus before being sold to Munich based GLL Partners at the end of 2015, one year after completion.

Both Floreasca Park and Oregon Park are heavily landscaped and have a ground-sourced heat pump system which saves tenants 35% of their heating and cooling costs. The buildings set a new standard in the market in terms of efficiency, technical quality and micro environment per work station. Floreasca Park won Office Development of the year 2014, Green Building and Green Leadership Awards at CEEQA and recently Oregon Park won Best Office Building of the year for BPO sector.

Since 1999, when it started activities in Romania, Portland Trust and Ares have invested approximately EUR 400 millions and developed 306,500 m2 of leasable area, of which 161,500 sqm of office spaces in 6 projects in Bucharest, and 145,000 m2 of industrial developments, in one industrial and logistics park, Bucharest West.

Since the first development in 1999 at Opera Center in Piata Operei, Portland has tried to improve the standard of its buildings and improve various locations in Bucharest, including the creation of the office hub at Miorita fountain where Bucharest Business Park became the City's first true office park. Portland's buildings have passed the test of time and even Opera Center is full today, 17 years after completion. Similarly, tenants such as IBM, BAT, SONY and Coca Cola remain at Bucharest Business Park after 12 years. Both buildings have proven to be good long term investments for CAIMMO.

Portland Trust is a commercial developer in Central Europe and was founded in 1997. Robert Neale is the owner and Managing Director of the company which has offices in Prague and Bucharest and has built to date more than 600,000 sqm of new commercial space. Portland Trust has a long-term joint venture with Ares Management LP, a partnership that has allowed Portland Trust to expand and invest in large projects in various countries throughout CEE. In Romania, the company focuses on the development of institutional quality office buildings.


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