Romania’s Iulius Group has announced it is investing €40 mln in a class A office building in the Palas Iasi mixed-use urban regeneration project in the northeastern city of Iasi.
Located on Sfântul Lazar Street in Iasi, the building will consist of 18,000 m2 of leasable area over 10 stories.
It will be designed as an efficient green building with smart operation systems.
The property will be fitted with two levels of underground parking, connected to the existing underground parking of the complex, the largest in Romania, with more than 2,500 parking spaces.
The project received planning permission in September 2022 and construction work will start in 2024.
Ionu Pavel, office buildings manager Palas Iasi & Palas Campus, commented: ‘We are confident in the development potential of Iasi 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 Iasi and Palas Campus. The hub brings together dozens of major tech and automotive companies, with whom we retained 14,000 talents in Iasi. 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.’
After opening Palas Campus Iasi, the largest office building in Romania, in April 2023, Iulius Company has now invested upwards of €500 mln in Iasi alone, via five real estate projects (mixed-use projects Palas Iasi and Palas Campus, Iulius Mall Iasi and two Family Market convenience retail concepts).