IULIUS to open new office building in Palas Iasi project
IULIUS Group announces a new investment in developing the Palas mixed-use urban regeneration project. Next year, the company will start developing its eighth class A office building as part of the Palas Iasi complex and set to span 14 levels and an 18,000 sqm area. The building will be designed as an efficient green building with smart operation systems and entails an investment of approximately 40 million Euro.
After recently opening Palas Campus Iași, the largest office building in Romania, in April 2023, IULIUS Company reached an investment level upwards of half billion Euro in Iași alone, via five real estate projects (mixed-use projects Palas Iași and Palas Campus, Iulius Mall Iași, and two Family Market convenience retail concepts developed in the metropolitan area of the city). The group aims to continue investing in the urban regeneration of the city center area, by developing a new class A office building as part of Palas Iasi (the first mixed-use project developed in Romania). This will be the eighth office building integrated in the project, with an 18,000 sqm leasable area and a vertical structure comprising ground floor, mezzanine and 10 floors.
The building will be fitted with two levels of underground parking, which will be connected to the existing underground parking of the complex, the largest in Romania, with more than 2,500 parking bays.
“We are confident in the development potential of Iași as a landmark city on the tech map of Romania, a status it acquired in recent years and to which we believe we have contributed by developing the large business hub downtown, via the premium office infrastructure in Palas Iași and Palas Campus. The hub brings together dozens of major tech and automotive companies, with whom we retained 14,000 talents in Iași. Our new development caters to the growth plans of companies showing interest in the developments of IULIUS, and we already have ongoing negotiations in various stages,” said Ionuț Pavel, Office Buildings Manager Palas Iași & Palas Campus.
Palas Campus, the largest office building in Romania (54,000 sqm office premises and 6,000 sqm retail premises), was recently opened and entailed an investment upwards of 120 million Euro. The project has regenerated an underdeveloped central area and transformed it into an innovative hub comprising 13 companies from the USA, Germany, France, Norway, Switzerland and Romania, with 5,000 employees.
Leave a Reply
You must be logged in to post a comment.