Cushman & Wakefield Stiles & Riabokobylko said it represented Philips in negotiations that led to the signing of a preliminary leasing agreement for almost 7,000 m[sup]2[/sup] of space in Building A at Western Gate Business Park in Moscow.
Cushman & Wakefield Stiles & Riabokobylko said it represented Philips in negotiations that led to the signing of a preliminary leasing agreement for almost 7,000 m2 of space in Building A at Western Gate Business Park in Moscow.
Philips is to use the space as its new Moscow headquarters for 350 staff in the city.
Western Gate is located on Belovezhskaya Street near the junction of MKAD circular road and Mozhayskoe Shosse. The project comprises three separate buildings with a total floor area of 64,000 m2 and is due for delivery by the end of the first quarter of 2009. The business park is being developed by Centurion Group.
Jones Lang LaSalle is the exclusive marketing agent for Western Gate Business Park. Charles Boudet, national director, head of office agency, Jones Lang LaSalle: 'The history of business parks in Moscow is short, but the success of this concept has been proven by high demand for projects. Usually all space in business parks is pre-let long before completion dates. We are sure that we will soon have an opportunity to announce further leasing agreements in Western Gate with world famous companies.'
Vera Zimenkova, associate client solutions at Cushman & Wakefield Stiles & Riabokobylko added: 'Philips has been very careful in selecting a new home for their business in such an actively developing market. The project team put in significant effort into working out a long term real estate solution for our client. We are pleased that our joint work has brought a result that corresponds to Philips’ corporate real estate standards and is an effective solution in such a difficult office market for tenants.'
