Abandoned for 45 years, new push for Piraeus Tower development

Abandoned for 45 years, Piraeus Tower sees new push for development

The municipality of Piraeus is pushing ahead with a new attempt to develop the Piraeus Tower, the second tallest building in Athens, encouraged by strong demand for real estate in the area.

A tender calling for investors to develop the 22 story building was published last week, in a deal that local business owners and real estate experts say could provide the area with a major push, creating a new business hub in the area of the port, Greece's largest.

The tender allows for the management and development of the building for at least 900,000 euros per annum for 99 years.

Built in 1973, the tower has never been used, with the exception of the first two floors. The municipality has decided to renew efforts to develop it amidst strong demand for commercial real estate, particularly prime assets.

Newly built office space, such as that used France's Teleperformance in Piraeus, is being sought after investors. One of the key factors spurring demand is that public transport projects in the area are being improved, offering companies - and their staff members - improved access to office facilities.

The extension of the tram to Piraeus is expected to enter a test phase soon, while the Athens metro is being extended to the port with the first batch of new stations to open in the area this summer.

Ambitious plans by China's Cosco to upgrade the port are also adding shine to the area, which is also seeing a rise in demand for residential housing, in line with broader trends seen across Athens.

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