20. Februar 2012 
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Ernst & Young continues in office complex Avrora Business Park
CBRE announced that Ernst & Young (CIS) B.V. had chosen the location of its headquarters in Moscow under the long-term lease agreement till 2023. CBRE represented the tenant in this deal. Office of the major international audit and consultancy firm will continue to develop its business in office complex Avrora Business Park where the company is located since 2003.
Several agreements were signed including a lease extension and a gradual guaranteed expansion to almost 30,000 m² that Ernst & Young will occupy over 10 years.
The main objective for CBRE was evaluation of market options relevant to the client’s criteria, with a long-term solution of a gradual expansion within 10 years period. Ernst & Young requirements in office space are expected to grow 1.5 times by 2014 and only a few office centers in Moscow fit the client’s need. Moreover the majority of current office supply is still under construction, which adds some risk for the company in current economic environment. During the process of negotiations the developer of this office complex, Forum Properties (the current landlord for Ernst & Young) proposed the solution that completely fits client’s needs, in terms of modernization of the office space that is currently occupied by the tenant as well as the opportunities for the further expansion.
Avrova Business Park is located in the center of Moscow in the prestigious business district of Zamoskvorechie, overlooking Sadovnicheskaya embankment. Ernst & Young is not the only tenant of this business complex. Other tenants are Deutsche Bank, Novartis, GE Money Bank. Total rentable area of the complex is currently about 52 000 m². The complex has been constructed in phases: the first two phases were completed in 2002 and 2006 respectively. The third phase is under construction now and expected to be completed in 2014-2015.
After the completion of the construction Ernst & Young will occupy almost half of the office complex Avrora Business Park. This deal is one of the largest Class A lease deals on the Moscow office market completed in 2011. For Forum Properties this large-scale deal is the second after the deal when Hermitage Plaza business complex of almost 32,000 m² was leased to Vympelcom. CBRE also represented the tenant in that deal.
Several agreements were signed including a lease extension and a gradual guaranteed expansion to almost 30,000 m² that Ernst & Young will occupy over 10 years.
The main objective for CBRE was evaluation of market options relevant to the client’s criteria, with a long-term solution of a gradual expansion within 10 years period. Ernst & Young requirements in office space are expected to grow 1.5 times by 2014 and only a few office centers in Moscow fit the client’s need. Moreover the majority of current office supply is still under construction, which adds some risk for the company in current economic environment. During the process of negotiations the developer of this office complex, Forum Properties (the current landlord for Ernst & Young) proposed the solution that completely fits client’s needs, in terms of modernization of the office space that is currently occupied by the tenant as well as the opportunities for the further expansion.
Avrova Business Park is located in the center of Moscow in the prestigious business district of Zamoskvorechie, overlooking Sadovnicheskaya embankment. Ernst & Young is not the only tenant of this business complex. Other tenants are Deutsche Bank, Novartis, GE Money Bank. Total rentable area of the complex is currently about 52 000 m². The complex has been constructed in phases: the first two phases were completed in 2002 and 2006 respectively. The third phase is under construction now and expected to be completed in 2014-2015.
After the completion of the construction Ernst & Young will occupy almost half of the office complex Avrora Business Park. This deal is one of the largest Class A lease deals on the Moscow office market completed in 2011. For Forum Properties this large-scale deal is the second after the deal when Hermitage Plaza business complex of almost 32,000 m² was leased to Vympelcom. CBRE also represented the tenant in that deal.
