E&Y takes extra 10,000 m[sup]2[/sup] in Moscow's Avrora

International advisory firm Ernst & Young has taken an additional 10,000 m² in the Avrora business park in Moscow, bringing the total office space it occupies in the complex to nearly 30,000 m².

The letting deal, which was brokered by CB Richard Ellis, is the second-largest ever signed by landlord Forum Properties in Russia, following the lease of 32,000 m² in Hermitage Plaza to Vympelcom.

E&Y has been headquartered in Avrora with some 20,000 m² since 2003. With its office requirements in Moscow forecast to grow by 50% in the next two years, the company has now agreed to expand its accommodation in the building which a new 10-year lease running through 2023.

Avrora business park, owned by Forum Properties, is located in the centre of Moscow in the business district of Zamoskvorechie and houses a number of international tenants such as Deutsche Bank, Novartis and GE Money Bank. The complex, offering a total of 52,000 m2, was built in two stages completed in 2002 and 2006 respectively. Phase III is under construction now and expected to be delivered in 2014-2015.

'This deal was extremely challenging in terms of structure and timing when it was signed. The negotiation of commercial terms took almost eight months and during all this time the rental rates were constantly growing,' said Elena Efremova, head of Corporate Services at CBRE in Russia.