First Property Group completes the sale of Dr. Felix 87 office building in a transaction brokered by Colliers

UK-based investment fund First Property Group has completed the sale of the Dr. Felix 87 office building, located in Bucharest’s Piața Victoriei – one of the city’s most dynamic business hubs – to Bucur S.A., a company listed on the Bucharest Stock Exchange. In this transaction, Colliers acted as the exclusive sell-side advisor.

The Dr. Felix 87 building offers 2,850 square metres of office space, fully leased to the consultancy firm Vulpoi & Toader Management. Completed in 2006 and acquired by First Property Group a year later, the property enjoys a strategic location just a short walk from Piața Victoriei – a well-established office destination with excellent visibility and strong transport links to key parts of the city and to Henri Coandă International Airport.

“Colliers acted as the sell-side advisor for this transaction, which closed on October 1, 2025 . The deal highlights the growing interest of locally listed companies in income-generating real estate assets and confirms the appeal of well-positioned office buildings in established Bucharest submarkets. We are pleased to have supported First Property Group throughout this process and to have contributed to the successful completion of a deal that brings a Romanian investor such as Bucur S.A. into the spotlight. The market remains active and diverse, with sustained appetite for well located assets”, said Simina Niculita, Director | Partner | Retail Agency at Colliers.

Piața Victoriei is home to approximately 365,000 square metres (including Class A & Class B offcies), approximately 11% of the office stock in Bucharest. Asking rents vary significantly depending on the age quality and exact location of the building with prime rents reaching over 22 euro per sqm/month in the CBD area, though climbing a bit higher in some exceptions for the top locations and top quality stock. Vacancy is at a low 5% in the submarket, close to the previous cycle’s low, supported by a lack of new supply in the short-medium term and the area’s excellent connectivity. According to Colliers, with no additional office stock in the area in the foreseeable future and an area highly desired by tenants, prime rents could continue climbing in the next years as both demand and supply arguments are in favour of such a dynamic.

Piața Victoriei is one of the most sought-after office submarkets in Bucharest and thanks to steady transactional activity, it saw rental growth of around 20% over the past two years, far surpassing other areas of the Capital. Its attractiveness is further enhanced by a diverse urban mix of retail, services and pedestrian-friendly initiatives along Calea Victoriei, making it a complete hub for both investors and occupiers.

This marks the second office transaction in Piața Victoriei closed by Colliers in 2025, following its advisory role earlier this year for Solida Capital in the acquisition of the Victoria Center, the first institutional office investment in Romania in 2025.

First Property Group has been listed on the London Stock Exchange’s Alternative Investment Market (AIM) since 2000 and has extensive experience in managing real estate assets across Central and Eastern Europe. In Romania, the group also owns the Maestro Business Center office building in Cluj-Napoca. The new owner, Bucur S.A., is listed on the Bucharest Stock Exchange and has a long-standing presence on the local market, with plans to diversify its portfolio in the short medium term.