In International real estate news from Sofia, Bulgaria, Tishman International Companies has just signed a four year lease for office and warehouse space in the Logistics Center of the new Sophia Airport Center (SAC) with Antalis Bulgaria EOOD,a subsidiary of Sequana Capital. Tishman, a leading International commercial real estate development company, developed the SAC Logistics Center to be a marque space for just such companies.
At least this comes as a good news bit on the heels of news that foreign direct investment in Bulgaria plummeted last year. Any reports that an ROI can be expected from investments like that of Tishman in Bulgaria are uplifting. Bulgaria's Economy Ministry has already blamed FDI being halved last year on bad returns on real estate and other investments, so big companies making profits in the news shows positive movement.
Tishman's super high quality logistics spaces fill a much needed void rampant in both Bulgaria and Romania. Bad properties in short, are a part of the reason real estate in the Baltics suffers. Tishman is having an impact obviously, however small, and there is evidence to support better offices lead to better tenants.
Antalis Bulgaria EOOD is a fully-owned subsidiary of Sequana Capital, which is the largest European distribution of communications support materials (print and office paper, visual communication and packaging.) The company has 6,900 employees and more than 230,000 customers around the world. According to his news, now Antalis will occupy 2,200 square meters of office and warehouse space. Tishman International Chairman Alan D. Levy had this to day about the agreement:
“The decision by Antalis to locate in the Logistics Center is a testament to the facility’s excellent location for logistics operations, its high quality construction, and the excellent property management services we provide. The project has also experienced tremendous interest from leading global tenants because of the flexible design, which allows us to accommodate a wide range of companies.”
Tishman's flexible, mixed-use business park has A class offices, warehouse and logistics offices, and state of the art amenities and conveniences for clients. This particular building won the Building of the Year Award for 2009 for its category, and it is quickly becoming the premier business property of its kind in Bulgaria. Antalis operates in 51 countries worldwide and is currently the number four distributor of paper for offices in the world.
For Bulgaria, the need for high quality spaces will continue to expand rather than contract. Cheap land for development, and other positive factors, does not preclude the need for high quality addresses. "If you build it, they will come," was never more true than in Bulgaria.