Russian oil company TNK-BP has signed a lease of 37,700 m[sup]2[/sup] of office space at DS Development's Nordstar Tower business centre in Moscow. Property advisor Cushman & Wakefield described the transaction which it advised on as the largest office letting in the Russian market for two years.

Russian oil company TNK-BP has signed a lease of 37,700 m2 of office space at DS Development's Nordstar Tower business centre in Moscow. Property advisor Cushman & Wakefield described the transaction which it advised on as the largest office letting in the Russian market for two years.

Sergey Riabokobylko, partner and senior executive director at Cushman & Wakefield in Moscow, added: 'Such a huge transaction is completed at the most favorable moment on the Moscow office market when the value of the institutional deal for a developer is the highest. This deal proves growth of investment attractiveness of the Moscow real estate market that still lacks quality office buildings'.

The lease term is 15 years with an option to extend. TNK-BP will occupy space from the 2nd to the 20th floor of the Nordstar Tower. DS Development is part of the DON-Stroy real estate group of companies

TNK-BP subdivisions are located in 12 office centres in different Moscow districts. Almost all of them will be consolidated in the business centre Nordstar Tower. The company will move to the new office in the first quarter of 2011 after the completion of fit-out works.

Nordstar Tower business centre comprises almost 80,000 m2 of rentable space and was delivered in 2009. The business centre was nominated for 'The Best Class A Business Center Award 2010' at CRE Awards Summit.