Real estate developer Hagag Development Europe has started construction works on its property near University Square in Bucharest. H Tudor Arghezi 21 is the second office project that the company is developing on the local market, and the investment in the reconversion of the building will exceed €4 million. The project is fully leased.
Located right in the city centre, at kilometre 0, the building dates back to 1966 and has a total built area of 6,975 sqm and over 4,580 sqm total leasable area, 10 parking spaces, exceptional exposure and visibility and a height regime of B+DB+GF+7F. The complete reconversion process involves consolidation, repartitioning and re-functionalization works, to which the restoration of the areas surrounding the existing construction are added. The facade of the edifice will be fully transformed and its new appearance with enjoy a modern, elegant look, in line with the architectural influences of the area.
“We continue our investments in the niche segment of reconversion of old buildings and we are confident that our projects will place Bucharest’s city centre back on the investor’s map, as well as in the focus of elitist companies interested in relocation. Once completed, H Tudor Arghezi 21 will have all the necessary attributes to create a perfect architectural fusion between the existing heritage buildings in its perimeter and modern developments; it is an ambitious project, and the privileged location will allow us to create a vibrant urban environment around it and reposition the city centre in the top desirable locations when talking about the office market,” said Yitzhak Hagag, Chairman & Board Controller Hagag Group.
Once completed, H Tudor Arghezi 21 will have all the facilities of a class A office building – premium finishes, fresh air intake ventilation systems and energy-efficient HVAC systems, kitchenettes, modern elevators, multiple access ways to the building, as well all the many benefits offered by its ultra-central location: quick access to the historic centre, 4 and 5-star hotels, public and cultural institutions, fine dining restaurants, cafes and multiple means of public transport, etc.