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Largest class A deal of 2012 so far closed on the Moscow office market in the business complex ALCON

22.05.2012

Largest class A deal of 2012 so far closed on the Moscow office market in the business complex ALCON

The first long-term lease deal has been closed in the class A business complex ALCON. A famous pharmaceutical group, Novartis AG, will open there its new office; total area equaling 16,000 sqm. The deal was closed while the complex’s being under construction and turned to be the largest class A deal of 2012 so far on the Moscow office market. Knight Frank was the leasing and tenant representation agent.

ALCON stands out on the local office market. The class A business complex features its own infrastructure, original interior design of the common areas, as well as peculiar architecture of the building. The complex is situated in the North of Moscow in a rapidly developing district of the city, within a walking distance from the Sokol metro station. The total area of the building amounts to 102,177 sqm; 66,776 sqm of which are intended for leasing. The complex also comprises a two-level underground parking for 1,016 car spots (the parking coefficient is 1/60). The end of construction is scheduled for August 2012. The developer of the complex is ALCON Development.

Novartis AG is the largest pharmaceutical group that’s been operating on the Russian medicine market for over 100 years and is a market leader. The group had searched for a new office due to the steady growth of its business and the number of its staff.

The new office of Novartis AG will take 3rd through to 11th floors of Building A of the complex and will initially sit about 1,200 employees. The company is planning to start working on the finishing of the premises as soon as the construction will have been completed. Moving into the new office is scheduled for H2 2013.

Maxim Beletsky, CEO, ALCON Management, comments “We have put a lot of effort into the making of the project and consider the decision of Novartis AG to sit their flagman Russian office at ALCON to be reflecting the results of all of our hard work. We think that Novartis AG's presence in the project as an anchor tenant will set the right direction and serve as a key factor to its further development.”

Nikola Obajdin, Director, Offices Department, Knight Frank, adds “The Novartis project was quite complicated due to the fact that we had to combine the four divisions of our Client under the same roof, each of which had its own legal entity and a separate leasing agreement for different tenants. It was a year of intense work and we are proud to come to its successive end.»