Investors remove 22-story Piraeus Tower from unwanted pile

November 5, 2019

 

 

 

Piraeus Tower has been handed over to a group of investors for development after being abandoned for 45 years in a major deal for the southern Athens area.

 

Located at Greece's largest port, Piraeus, the building will be taken over by the European Bank for Reconstruction and Development (EBRD), real estate investment company Prodea and property developer Dimand for 99 years.

 

The owner of the building, the municipality of Piraeus, will earn 1 million euros per year from the rental agreement in a price that will be revised upwards by 2 percent per year.

 

The redevelopment of the 22 story building, which will be used mostly for office space, is budgeted at 41 million euros and will take 33 months to complete, the municipality said.

 

Built-in 1973, the tower has never been used, except for the first two floors. The municipality decided to move ahead with its redevelopment amidst strong demand for commercial real estate in the area, particularly from shipping, tourism and transport companies, as Greece's economy continues to recover.
 
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 are improvements to public transport in Piraeus, offering companies - and their staff members - improved access to office facilities.
 
Ambitious plans by China's Cosco to upgrade the port are also adding shine to the area, as demand for residential housing in the port district is also rising, in line with broader trends seen across Athens.

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