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June 24, 2020
(Romanian version available here)

CBRE, leader in the real estate consultancy market, advised the relocation process for the pharmaceutical company Novo Nordisk, who leased an area of 580 sq m offices in the Țiriac Tower building, located in Victoriei Square. The transaction was signed in March, in full swing of the  COVID-19 pandemic lockdown, thus confirming the continuity of the transactions in the real estate market. 

The construction of Țiriac Tower carries on uninterruptedly and we have recently completed the superstructure of the building, respecting the time and safety conditions agreed. Țiriac Tower will be the most stylish and safe building in the central area of the Capital city, being also the only building in the Victoriei Square area that offers 1,200 sqm of terraces and patios, a benefit for which companies have shown high interest in the last two months”, revealed Răzvan Enache, Managing Director of Țiriac Imobiliare.

The Danish company Novo Nordisk, worldwide known for its insulin production, will take up the 9th floor of the Țiriac Tower building, consisting of about 580 sq m of offices and two terraces with an area of over 120 sq m, according to CBRE, who advised the transaction together with Victor Răchită.

"We wanted a modern building, with efficient spaces for our current needs, which reflects the sustainable approach of Novo Nordisk. Furthermore, we wished to remain in the central business area of the city, keeping everything at the fingertips of our employees and partners. Țiriac Tower met all these criteria and additionally offered a space flooded with natural daylight and large outdoor terraces, which are also important aspects for our team", explained Cecilia Radu, General Manager of Novo Nordisk.

Țiriac Tower is the newest building in Victoriei Square, the iconic business area of the Capital city. The building has a leasable area of approximately 16,500 sq m, comprising 12 floors and will accommodate occupiers in the fields of law, strategic consulting, insurance, engineering and the pharmaceutical industry. CBRE has advised the lease of a total volume of 30% of the entire building so far.

"The show must go on is the anthem of every strong business these days and the transaction between Novo Nordisk and Țiriac Tower is yet another proof. During 2020-2021, approximately 300,000 sq m of office space will reach the expiration of lease contracts and we expect to see a similar proportion of renegotiations and relocation deals. We are also discussing with companies that have announced their intention to expand even during the lockdown period, relying on further business growth", concluded Răzvan Iorgu, Managing Director, CBRE Romania.

In addition to the 16,500 square meters of offices, Țiriac Tower includes 259 underground parking spaces laid out in 5 basements, including parking lots for electric cars, as well as 42 spaces for bicycles. The project achieved "Core and Shell" LEED (Leadership in Energy and Environmental Design) pre-certification, for high standards of construction quality, sustainability and energy efficiency. The architecture of the building includes interior spaces designed to take full advantage of the natural light throughout the day.

The future occupiers will enjoy the utmost flexibility for arrangements, having the possibility to occupy spaces that vary between 500 and 2,000 sqm for each floor. In terms of interior design, the quality of materials and the elegance of the decorative lines will define the excellent environment offered to those who choose to set up their offices in this location. 

About Novo Nordisk
Novo Nordisk is a global pharmaceutical company founded in 1923 and headquartered in Denmark. Our goal is to beat diabetes and other serious chronic diseases, such as obesity or coagulation and endocrine disorders. We strive to accomplish our goals through innovative scientific discoveries, by expanding access to our medication, and looking for solutions to prevent and ultimately cure these diseases. Novo Nordisk has approximately 43,100 employees in 80 countries and sells its products in over 170 countries.

About CBRE
CBRE, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm, based on 2019 revenue. The company has more than 100,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 530 offices (excluding affiliates) worldwide. In Romania, CBRE offers an extensive range of integrated services including transaction management and coordination, project management, design and build services, property management, investment management, valuation, property rental, strategic consulting, property sales, mortgage services and development services. For more information please visit or download the application CUE by CBRE from the App Store or Google Play.

About Țiriac Imobiliare
Țiriac Imobiliare, part of Țiriac Group, is an association of 29 companies, existing on the local market since 1994, as a real estate developer and investor. Founded in 1994 at the initiative of Mr. Ion Țiriac, Țiriac Group is one of the largest Romanian privately owned groups, whose main businesses are carried out in four important areas: vehicle import and distribution, financial and leasing services, real-estate and VIP air charter transport.Throughout the years, Țiriac Imobiliare has experienced a significant development, primarily due to the diversity of the real estate projects: residential (Stejarii Residential Club and Residenz German Quarter) commercial, business buildings or multibrand car showrooms, located in Bucharest and in the major cities of the country.