C&W completes biggest office deal in Russian history
1 Dec, 2006, Moscow
Cushman & Wakefield Stiles & Riabokoblyko (C&W/S&R), the Moscow office of global real estate consultancy Cushman & Wakefield, has represented Forum Properties, the leading Russian developer, in the leasing of office space in the Hermitage Plaza complex in central Moscow to VimpelCom, Russia’s largest mobile phone operator.
VimpelCom, the first Russian company to be listed on the New York stock exchange, will occupy the entire 31,600 sq m of offices offered by Hermitage Plaza, a Class A office complex. This makes it the biggest ever office letting in the history of the Russian market.
Hermitage Plaza is located in the centre of Moscow and includes three office buildings, of 25,500 sq m, 3,650 sq m and 2,436 sq m.
Sergey Riabokobylko, Senior Executive Director, Cushman & Wakefield, Moscow, says: "The fact that such important Russian companies are closing such large transactions on the office real estate market proves that the Russian economy continues to mature. The letting of such a large amount of space is evidence that tenants are becoming more confident in their future prospects."
Previously, Deloitte's lease commitment to White Square Office Centre, where it acquired 29,000 sq m, was considered the largest letting in the office real estate market, with C&W/S&R representing Deloitte in the transaction. The scheme is being developed by US developer AIG/Lincoln.
Cushman & Wakefield and Colliers International were co-exclusive leasing agents for Hermitage Plaza. Previously, Forum Properties was exclusively represented by Colliers International.