C & W advises on largest Russian letting ever

VimpelCom, the first Russian company to be listed on the New York stock exchange, is to let the entire 31,600 m² of offices in Moscow's Hermitage Plaza from developer Forum Properties.

Cushman & Wakefield Stiles & Riabokobylko, the Moscow office of global property advisor Cushman & Wakefield, which represented Forum in the leasing, said the deal is the biggest ever office letting in the history of the Russian market. Hermitage Plaza is located in the centre of Moscow and consists of three A-class office buildings, of 25,500 m2, 3,650 m2, and 2,436 m². VimpelCom is the largest mobile phone operator in Russia.

'The fact that such important Russian companies are closing such large transactions on the office real estate market proves that the Russian economy continues to mature. The letting of such a large amount of space is evidence that tenants are becoming more confident in their future prospects,' said Sergey Riabokobylko, senior executive director, Cushman & Wakefield, Moscow.

Cushman & Wakefield and Colliers International were co-exclusive leasing agents for Hermitage Plaza.

Previously, Deloitte's lease commitment to White Square Office Centre, where it acquired 29,000 m2, was considered the largest letting in the office real estate market, with C&W/S&R representing Deloitte in the transaction. The scheme is being developed by US developer AIG/Lincoln.