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. Last Updated: 07/27/2016

Moscow Region Gets First Class A Building

For MTThe $13 million office building in Khimki is designed to resemble an ocean liner.
Moscow region's first class A building, located in the fast-developing district of Khimki close to the Moscow Ring Road, will be ready for internal fit-out in October.

Work began on the $13 million, 17-story, 18,000-square-meter Country Park tower in April 2002. Set in a landscaped park, the tower is between the city and Sheremetyevo Airport on the edge of the Khimki Reservoir, which is connected to the Moscow River.

The 13,500 square meters of leasable space on open-floor plans are on offer at about $415 to $430 per square meter per year, depending on the floor. In the city center, average annual rental rates for new class A office space are $550 to $750 per square meter.

The tower will have its own pier and a six-level, 380-space parking lot on the site. After the office tower is completed work is to start on a small, three-star hotel next door.

Nina Beklemisheva, general director of developer Expertnaya Strakhovaya Otsenka, or Expert Insurance Appraisals, said the project represents an investment of about $13 million. The company had been assigned the 1.8-hectare site by the Moscow region government, she added.

In keeping with its watery surroundings, the building's style is intended to suggest an ocean liner.

The construction contractor is IT systems integrator Race Communications and information technology supplied to the building is supplied by Cisco Systems. Race Communications will occupy about two floors.

"The landlord will provide a shuttle bus service to Planernaya metro station for clients using public transport," says Colliers International, the exclusive agent for the building.

"It will take about 20 minutes for tenants and their guests to get to Sheremetyevo Airport due to the fact the business center is about 10 kilometers away. It will allow them to save much time during business trips."

Noting that the vacancy rates in the capital's class A office space are at a low 4 percent, Colliers director Oleg Myshkin said he expects demand to be high.

"Office buildings located out of the city center are in demand in most of the main cities in developed countries," he said. "Among the advantages of such business centers are high parking index, quiet surroundings and environment, and reducing of tenants' operational expenses."

Tom Wiseman-Clarke, head of property investment and sales at Stiles & Riabokobylko, the local affiliate of Cushman & Wakefield Healey & Baker, which is marketing another class A office development, Krylatsky Hills Business Park, said Country Park is in a suburban setting but probably does not qualify for the label "business park," which generally applies to low-rise developments comprising more than one building.

"Developers globally tend not to build towers in business parks due to the demands of technology and personnel-oriented companies, for efficient space with large, flexible floor plates," he said.

At Krylatsky Hills Business Park, tenants needing 5,000 square meters would occupy two floors, whereas in a typical tower building they would be spread over five.

"The development of Country Park will be particularly welcome to companies who already have all their licenses, permits, etc. registered with the Moscow regional authorities. Some businesses can be put off by having to move between city and regional authorities," he added.

Darrell Stanaford, senior director at Noble Gibbons/CB Richard Ellis, said that although Country Park is the first commercial class A office project in the Moscow region, several companies have their head offices there.

"In the '90s Colgate had their office in several cottages on an old sanatorium in Krasnogorsk. Coke, Pepsi & Mars have their main offices at their factories. So does Starik Khottabych."

Most companies see access to the Moscow metro, or a shuttle bus connection, as important, he said.

"Someday it will change if people believe enough in the stability of their jobs to shift to homes close to their work."