Barbu Vacarescu City, a EUR 700 ml new office building center

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A new business center is taking shape in the northern Bucharest area of Barbu Vacarescu, following attempts by developers Portland Trust, Cascade Group and Charlemagne, Cefin, Raiffeisen Evolution and AIG/Lincoln and Fabian to translate northward the administrative office building pole which is currently in Victoria Plaza (center).
 
A collection of important office buildings – some of which already erected – will spread from the crossing with Lacul Tei Blvd. to the neighborhood of Pipera quarters, Barbu Vacarescu Blvd. and Floreasca Thoroughfare in what will be a new business center of Bucharest, that also includes two more than 130m-high towers looming over the area.
Five of the largest projects in the area require investments worth some 700 million euros, providing almost 200,000 sq m of office space and commercial space, conference facilities and a hotel.
 
Two projects will be delivered next year: Lakeview – developed by AIG/Lincoln and British investment fund Fabian – and Floreasca Plaza, carried out by Portland Trust, developer of the Bucharest Business Park and Opera Center projects. The surface to let in the two buildings is 36,000 sqm.
Another two projects, announced by Austria's Raiffeisen Evolution and Italy's Cefin, will accommodate commercial space and two office towers, 131 m and 135 m high, that will compete for the title of the tallest office building in Bucharest. The two projects will attract about 500 million euros in combined investments and the office area available for rent will be about 80,000 sqm.
 
Another 80m high office tower is developed by Cascade Group and a fund of Britain's Charlemagne Capital. Dubbed "Euro Tower", the building will have 18,000 sqm and is slated for handover in Q2 2009.
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