An investment totaling 200 million euros for the development of green, bioclimatic office buildings with modern features, on the L. Kifisias axis and in the wider Amaroussi area, is currently being carried out by development companies and AEEAP. (real estate investment companies). It’s about taking advantage of some of the last remaining “pebbles” in an area that has grown into a key business center for the capital. The attractiveness of the companies is clear, as insufficient investment in previous years has led to a very large shortage of modern office buildings that are also highly energy efficient.

In this regard, in the near future, Dimand Real Estate will begin construction of a new office building on Kifisia Street, with an area of ​​11 acres, which belonged to the Antoniou family (house builders). This is an investment of 50-55 million euros for the construction of 11,000 sq.m. offices (and 22,500 sq.m. in total) through a complex of twin buildings with an area of ​​5,500 sq.m. each. It has already been agreed that the building will be leased to PriceWaterhouseCoopers (PwC) for a period of 10 years, renewable for another 10 years at a price of 26 euros/sq.m. The facility is expected to be completed in early 2024, with Dimand looking for a buyer/investor in the coming months.

What three AEEP are planned in the main business center of the capital.

About 60-65 million (and 100 million in total in cooperation with another investor) Viohalco’s Noval Real Estate plans to invest in the area for the development of new office buildings. The company acquired the former Kodak building in a joint venture with investment fund Brook Lane for €28.5 million. This joint investor scheme will spend an additional 50 million euros (or almost 80 million total) to develop a modern and bioclimatic office complex with a total area of ​​49,000 sq.m. The former Kodak property is located at the intersection of Amarousiou and Šalandriou streets (parallel to Kifisias street) and Heimarras street 10-12. The licensing process is currently being finalized, with the aim of starting construction work in the first quarter of 2023. At the same time, Noval is also planning the construction of another 20,175 sqm bioclimatic office building. at Heimarras Street 16, in another private area. This is an investment of 22 million euros, which is expected to begin implementation within a year and be completed in 2025.

Prodea Investments is on the axis of the L. Kifisias company, which at the beginning of the year purchased the property that housed the church of Jehovah’s Witnesses, near the Attica Road junction. The building will be demolished, the company plans to build a complex of two office buildings with a total area of ​​more than 17,000 sq.m. Together with the purchase price of the property, the total investment is expected to exceed 35 million euros.