Adventum Group, a Hungarian-based fund manager, has announced the extension of their partnership with Genpact Romania, the Romanian branch of a global professional services firm. The parties have renewed their lease agreement for the offices located in Hermes Business Campus, a compound situated in the northern part of Bucharest. Griffes, a Romanian advisory practice, on behalf of the landlord, facilitated the transaction, which resulted in a lease agreement for a period lasting beyond 2032. The successful outcome reflects a year-long effort by both parties.
The tenant presently occupies the entirety of building A, a vast rental space of over 29,000 sqm, which overlooks the bustling Dimitire Pompeiu Boulevard. As a prominent player in the HBC park, comprised of three class A buildings, spanning 75,000 sqm, they serve as the anchor tenant. Adventum Group, a fund manager with a focus on real estate investments in the CEE market, was established in 2006 and is entirely owned by management. Adventum prioritizes sustainability, with total assets under management over €1 billion. In 2021, the flagship company of the Group, Adventum International Ltd. acquired Hermes Business Campus from Belgian developer Atenor and recently announced their plans to upgrade the park to the In-Use V6 Excellent level, certified by the BREEAM standard.
Genpact remains the largest occupier in the local market concerning office space and square meters. The company places a strong emphasis on space utilization, environmental sustainability, and employee well-being. Going forward, Genpact, in coordination with the landlord, intends to develop new facilities that cater to the staff’s outdoor work requirements while balancing work-life activities. The organization intends to maintain flexibility in its design to address clients’ requests promptly.
“Through this mutual engagement, Adventum is once again exhibiting a keen interest in our tenant community and the portfolio we manage. Our team is committed to delivering remarkable returns for our investors. The extended lease agreement for this impressive space is a testament to our confidence in the office products we have believed in since the outset,” explained Marcell Mihalyfi, Partner and Head of Office Asset Management at Adventum.
Griffes team coordinated the process towards a mutually beneficial outcome to reflect the realities of an unsettled office market. “We commenced discussions and exchanged the first thoughts on how to better shape this partnership more than one year ago. We tuned in a sophisticated strategy of granting the landlord a solid tenure of the lease agreement while bearing in mind the shrewd goals for flexibility of a large technology tenant. The foundation of the transaction was trust and vision; we worked a lot with the metrics interpretation of the tenant, to incorporate both the uncertainties of the context and the firmness of their coming business plans for Romania, seasoned by all our creativity resources to support a truly farsighted landlord,” stated Andreea Paun, founder of Griffes, the largest real estate consulting company in Romania with 100 percent national equity and the only one specialized in landlord representation.
“The continuation of the partnership with Adventum is a reconfirmation of our commitment to continue investing and growing in Romania. At Genpact, we place people at the heart of everything we do, so we want to offer them a space that stimulates creativity and innovation while generating great value both for the Romanian market and our clients”, said Alexandru Stoenescu, Country Leader for Romania and Bulgaria, Genpact.
“Renewal made by Genpact in Hermes Business Park is a transaction not only remarkable for its scale but also for the fact that it validates the Dimitrie Pompeiu sub-market in the long term as a modern and sustainable office area, bringing this area into the top 3 sub-markets in terms of renewals along with Floreasca and Centru Vest.” Added Alina Calciu, Head of A&T Services Occupiers at CBRE Romania, representing Genpact Romania.
The Dimitrie Pompeiu area has announced major urbanism redevelopment starting in mid-2024, as the city hall has launched the tender for the acquisition of the feasibility study. A significant reconfiguration process will include a new road connecting Pipera Road, Dimitrie Pompeiu Boulevard and Fabrica de Glucoza Street and a Park&Ride facility. Dimitrie Pompeiu Boulevard itself will be enlarged to 4 lanes, 2 for each direction, the tramline will be extended, and connectivity improved, bike lanes and sidewalks to be fully renewed.
During the last year, the office leasing market in this area has registered over 80,000 sqm of transactional activity, out of which new demand of 28,000 sqm. Most of the large players have decided to stay or even grow in the area, while most new occupiers came from the Pipera submarket with no metro accessibility and a desire for an upgrade. Their fields of work are FMCG, communications, construction, and technology.
