Ericsson Romania, the domestic subsidiary of the Swedish-based manufacturer of telecommunication equipment, increases the surface let within West Gate office park with other 4,000 sqm. Hence, the total area occupied by Ericsson adds up to 16,000 sqm, the lease period being extended by 2019, according to a press release of Genesis Development, which developed the project.
The company relocated its operations in West Gate office park in 2008 when initially leased 4,000 sqm, followed by progressive expansion in three of the five buildings, the contractual period coming to a total of 11 years.
The business park occupancy rate subsequent to Ericsson’s expansion increases to 96 percent, companies with offices within the park including Dacia Renault, Siemens, Accenture, Panasonic, Citibank, Alpha Bank or Medicover. Among other companies which have extended recently the rented area are Societe General which doubled the occupied surface (from 2,500 sqm to 5,000 sqm) or WNS, which increase the leased area from 1,500 sqm to 4,000 sqm.
West Gate, which was developed by Genesis Development, is located in Western Bucharest and consists of five office buildings with a total leasable area of 75,000 sqm. The portfolio of the real estate developer also comprises of Novo Park, a 150,000 sqm A-class business park and a residential project, the investments run in Romania so far amounting to some 300 million euro.