Germanos Signs Lease at Logistics Center at Sofia Airport

Developer Tishman International Companies and GE Real Estate Central & Eastern Europe have announced that GERMANOS Telekom Bulgaria EAD has signed a lease of office and warehouse space in Sofia Airport Center (SAC), the new, mixed-use office, hospitality, and logistics project that is designed to be the largest and most successful development of its type in Bulgaria.GERMANOS Telecom Bulgaria EAD is the largest telecommunications retail chain in Bulgaria, and operates 138 stores in 76 cities, selling mobile phones, accessories and services offered by Globul, the COSMOTE SA affiliate in Bulgaria. The company is an affiliate of the GERMANOS Group of Companies, the market leader for the sale of telecommunication products and services in South Eastern Europe, with more than 830 stores in Greece, Bulgaria, Romania and FYROM. The high-profile, energy-efficient and environmentally friendly SAC Logistics Center is expected to meet the high expectations of multinational tenants. The SAC development is proceeding as planned and financing is in place. "Unlike other projects in Sofia that have had to freeze construction due to scarce financing during the economic slowdown, we are safe from financing issues, and we will not encounter any problems in completing Sofia Airport Center," said Tishman Chairman Alan D. Levy.The construction of the logistics center at SAC is progressing and the last remaining warehouse space in the project's first logistics building to be finished is already fully leased. Tenant improvements are currently underway, and the building is scheduled for occupancy in January 2009 with the second building approximately 30 days thereafter. Construction has also begun on adjacent Class A office building of approximately 17,500 m² in the Office Center, which is slated for completion by the end of 2009.The tenants who have staked their claims in the new SAC Logistics Center were drawn not only by the very convenient location, but also by the comprehensive services provided by Tishman's on-site property management, such as 24-hour security, pest control, snow removal, landscaping and engineering services. The facility's proximity to Sofia International Airport, just three minutes away, is very important to SAC tenants, offering a clear advantage over the potential competition.