“The building has been empty since the beginning of the week,” according to a declaration for Business Standard by Anca Barbarosie, representative of PAV Administrare Imobilare, the agency that manages the office building.
Toepfer International, which is involved in grain trade, is presently occupying the sixth and seventh floors. The situation is due to worsen for the building’s owner, the Spanish Val de yuca company, owned by Pablo Rodrigo Gonzales, as its last remaining tenant, Toepfer International, is planning a move, according to sources for Business Standard. The company has already signed a contract with another developer, and is awaiting the completion of construction.
According to Business Standard calculations, Val de yuca stands to loose some €70,000 a month if it does not success in renting out the 6 floors, not to mention the building’s maintenance costs.
The number of first class office buildings in Bucharest that have remained without tenants has begun rising recently, due to the need companies are feeling to reduce costs and to move to less expensive locations. The case of Palazzo Italia is very significant, because of the size of the space left vacant. Xerox Romania and Stanton Chase have also moved their businesses from the building on Daniel Danielopolu Street, as rents were too high, leaving only Mol Romania and Henkel Romania’s construction material division. According to sources for Business Standard, the building’s owner has agreed to reduce the rent to discourage the remaining tenants from moving.
