Primavera Development and Griffes launch Muse office building in Bucharest

Primavera Development and Griffes announce the launch of the construction for Muse office building, to be located close to Miorita Fountain in Bucharest. The total investment would exceed 16 million Euro and is scheduled to be delivered in 2023.

The two partners have joined forces into creating a strategic Joint Venture to develop as co-investors the office building.  The construction works are under direct coordination of ACMS General Contractor, part of Primavera Group. Griffes is appointed to coordinate the sale, marketing and leasing of project, in an exclusive agency mandate.

Muse is an office building offering 7,500 sqm rentable area on six above ground floors with views over Herastrau Park. The property includes 3 underground levels and ramps going up and down for occupiers to reach their 150 parking spaces or technical and storage units.

The construction works have been kicked-off in November and already completed the excavation works, heading to the finalization of the underground infrastructure.

“Muse is our first project as direct investor, and we are excited to be involved more extensively than from the agency role. We are contributing to Muse through our in-depth market knowledge and methodical, creative approach of tenants. I am honoured to bring to the table the capabilities of an elite team of advisors that we built over the years, next to the great reputation of Primavera team,” added Andreea Paun, founder of Griffes.

According to Griffes data, the lengthy difficult permitting process will put a break to constructions of offices; in between 2023-2024, the market in Bucharest will hence see very scarce deliveries. Under 50,000 sqm class A office space will be delivered in the next 3 years, which will make Muse one of the very few modern properties that tenants can opt for.