Romanian group Forte Partners, the developer of The Bridge office project in western Bucharest, leased another 10,000 sqm of offices in the project's third building to U.S. tech group IBM. In 2017, IBM leased 18,000 sqm in the first building of the project, which it shares with lender BCR.
The new IBM deal is the first contract signed for the third phase of the project. Phase three of The Bridge will be completed in 2020.
The Bridge will have a total leasable area of 80,000 sqm. Forte Partners has already delivered the first two stages, with beer producer Molson Coors moving its offices in the 6,000 sqm leased here in late March, alongside other tenants such as telecom group UPC, industrial group Schlumberger and medical services group Medicover.
Romanian investors Dragos and Adrian Paval, the owners of do-it-yourself retailer Dedeman, signed the acquisition of The Bridge project from Forte Partners in August 2018. The two sides haven't disclosed the value of this deal, but this may be somewhere between EUR 150 million and EUR 200 million, according to market estimates.