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Renaissance Development, formerly part of the Ronesans holding, is considering purchasing the second phase of the Imperia 2 tower in the Moscow-City business center. This project is a multifunctional complex with office and apartment space totaling 118,500 square meters. This long-running construction project was shelved in 2018 and currently includes only a 34,000 square meter underground parking garage.
If the deal goes through, Renaissance Development will be able to complete construction of the complex, which could revive the real estate market in central Moscow. Experts estimate the deal's value to be between 13 and 15 billion rubles excluding VAT. The potential price per square meter of office space could reach 650,000-700,000 rubles.
The project's completion will not only bring office and residential space but also introduce new players to the luxury real estate rental and sales segment. Furthermore, interest in the property is fueled by its location in one of Moscow's most prestigious business districts.
History and Prospects
The Empire Tower was commissioned in 2011 and currently comprises 60 floors of offices, apartments, and a retail gallery. However, corporate conflicts between the previous owners, Oleg Grankin and Pavel Fuks, hampered the project's development. Oleg Malis's Solvers Group later purchased a portion of the shares from the previous owners, gaining control of the unfinished space.
Solvers Estate initially planned to build the second phase, but the project was shelved. In 2017, the complex was put up for sale, but no buyer was found at that time. According to updated information, the site is now planned for the construction of two office buildings with a total floor area of approximately 85,000 square meters, as well as additional parking.
Market situation
The acquisition of the unfinished Renaissance Development complex could be one of the largest deals on the Moscow real estate market in recent years. Completion of construction could attract the attention of major Russian and international tenants, which, given the limited supply of high-quality office space in Moscow's business center, could drive up rental and sales prices for commercial real estate in the area.
The complex is under a long-term lease to Flayner-City, whose CEO is Sergey Chetverikov. The secrecy of the ultimate owners adds to the project's appeal and underscores its significance in the real estate market.
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