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Borza & Associates has leased 750 sqm in Opera Center office project, first developed modern office building in Bucharest, announced CBRE Romania real estate advisory services company, the deal broker.

Opera Center project was opened in 2001 and was the first Class A office building. It’s located close to Eroilor metro station and was developed by Portland Trust and subsequently bought by the Austrian CA Immo, the third owner of offices in Romania.

Borza and Associates Group owns two insolvency companies, Euro Insol SPRL and Assistance SPRL, both ranking top 5 insolvency companies in Romania, managing assets exceeding the aggregate figure of 650 million euro.

Portfolio companies include resonant names like Asmita Gardens Ltd, Ibiza Sol LLC, Uztel SA, CFR Messaging SA, Meridian Land, World Trade Center, Hotel Planet, Plafar SA, Universe Ltd Servtrans SA, ELCA Auto, Real Power Construct National Institute of Wood, Mineral Water Bukovina.

Other Opera Center tenants include: Glaxo Smithkline, Stoica & Associates, Adecco Romania and GeCad E-Payment International.

Austrian investment fund portfolio CA Immo was valued last year at 411 million euros, of which 369 million euros of investment already undertaken, and 41 million euro worth the properties that will be developed. Last year rent income accounted for rents totaled 28.5 million euros.

CA Immo has four office buildings in Bucharest, three of which are located right next to metro: Europe House (Piata Victoriei), Opera Center (in the Eroilor area) and River Place (near metro station Petrache Poenaru, former Semanatoarea). The fourth project, Bucharest Business Park, is located near Square Press.

Office vacancy rate in CA Immo is currently 2%.