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Business news, 30.03.2004 17:04

Petrograd Side to become profitable business district

Two large business centers will open on the Petrograd Side Two large business centers will open on the Petrograd Side, offering a total of nearly 30,000 square meters of office space. The projects will attract more interest in the area as a profitable business district, competitors say. Demand for office space in the Petrogradsky and Primorsky districts currently outstrips supply.

Both buildings are located on Aptekarskaya Embankment, next to Kantemirovsky bridge, a busy crossing between the Vyborg and the Petrograd sides. Commercial real estate management company Best which is investing $15 million in one of the buildings, announced late last week that future tenants are invited to take part in the final stages of reconstruction. The 10,000-square-meter unfinished construction site will double in size by mid-spring 2005, when the first business center is expected to open.

The second business center, owned by Helios Town and opening in September 2004, will combine shopping and office space. In addition to 10,000 square meters of office space, the center - called River House - will house a total of 17,000 square meters of shops, including one of the four Ramstores coming to the city. Big companies such as Ramstore make the center more attractive to customers and more manageable for the owners, Terebov said.

Both centers will be Class A or B+ with offices sized 150 square meters and more costing between $25 and $29 per square meter at River House, and 700-square-meter offices from $30 per meter at the center owned by Best. Both centers will feature multilevel parking garages designed for a total of 300 vehicles. Best's center will have an outdoor parking lot.

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