SAP acquires the newly built class A office building Park Lane Office Center in Sofia. This is the largest investment deal on the Bulgarian office property market in the last 3 years.
The office building has a gross built-up area of 34,800 sqm, 11 floors above and 2 underground. It is situated in one of the fastest-growing business hubs in the city with excellent transportation links, Hladilnika district.
Park Lane Office Center was fully completed in June this year and already hosts Allianz Bulgaria headquarters, bringing together more than 600 employees from 9 different locations.
Park Lane Office Center was developed by Park Lane Developments, part of AG Capital which is a leading real estate investment group, actively expanding its business in the wider CEE region.
The office building has been designed and constructed to the highest international standards in the sector. The sophisticated air conditioning system ensures ample supply of fresh air to the office space, including a special UV system for air disinfection that creates a comfortable and safe working environment for all occupants, employees, and visitors of Park Lane Office Center.
“The building’s location and excellent transportation links focused our attention on Park Lane Office Center. The high quality and innovative construction technologies contributed to the final decision for acquiring the building. We believe this new office environment will stimulate even more our company’s innovations and further achievements.”, says Radoslav Nikolov, Executive Director, SAP Labs Bulgaria.
“Park Lane Developments’ mission is to create offices that inspire. I am happy that for a second consecutive year the office property we developed ranks first in different categories. At the end of 2020, we signed the largest lease transaction on the Bulgarian office market for 6,000 sqm with Allianz Bulgaria. Now we have closed the largest investment deal with SAP”, says Tanya Kosseva-Boshova, Managing Partner at Park Lane Developments.
ABOUT THE PROJECT:
Park Lane Office Center is a new grade A office building, situated in one of the fastest developing areas in Sofia – close to city center and the beautiful Vitosha Mountain.
The building is designed as per the highest international standards – large floor plate of 2,200 sqm, 3.10 m clear ceiling height, 400 parking space, 34,900 sqm total GBA, of which 23,500 sqm GBA above ground. Spacious green areas surround the office building – a 4,000 sqm park with trees, benches and electric car charging stations.
The architectural concept was developed by Planning Architectural Studio which has designed some of the largest commercial and office properties in Bulgaria, together with the British studio Chapman Taylor, a global practice of award-winning architects and master planners with over 250 international design awards.
The interior design was assigned to VIArchitects – an architectural studio with extensive experience in international commercial and residential property projects.
The development project was financed by Raiffeisenbank.
ABOUT THE INVESTOR
Park Lane Developments is a company focused on construction and development of high-quality office buildings and commercial properties in Bulgaria and the region. It is part of the AG Capital group.
AG Capital is a leading real estate investment group focused on two core business lines: investment and asset management, and commercial and residential development. With more than 25 years of experience in the industry, the group has created long-lasting partnerships with international institutional investors, private equity funds and real estate investment firms. It has established some of the most reputable real estate brands in SEE and is actively expanding its business in the wider CEE region through Lion’s Head, the group’s investment and asset management platform.
ABOUT SAP and SAP Labs BULGARIA
SAP is a market leader in the business software industry, helping companies of all sizes and in all industries to operate in the best way possible. SAP has globally more than 102,400 employees in over 140 countries and works with over 22,000 partner companies. Established 21 years ago, SAP’s development center in Sofia, SAP Labs Bulgaria, is one of the key and strategic divisions of SAP SE. Currently, the company employs more than 1,250 professionals, with over 80% of the teams working on cloud-related topics.