VimpelCom to move its head office to the Bolshevik business and cultural centre

December 21, 2017. The Russian mobile operator, VimpelCom (owner of the Beeline brand), and O1 Properties have signed a seven-year lease agreement for 17,000 sq. m. of office space at the Bolshevik business and cultural centre. VimpelCom will move its head office to the Bolshevik centre. The agreement is the largest Class-A lease contract to be made on the Moscow market in 2016 - 2017.

VimpelCom’s headquarters will take up the whole of building, completion of which will be a key part of the second phase of renovation work at Bolshevik. Work on adaptation of the building for use as modern office space began in late 2017 and will be completed in early 2019. VimpelCom is scheduled to move into the new building in mid-2019.

Dmitry Dorofeev, executive vice-president on transformation at VimpelCom said: “Modern high-tech business demands new office space – it should be ergonomic, beautiful and comfortable. Bolshevik with its excellent transport accessibility meets all these requirements”.

Pavel Barbashev, Head of Asset Management and Leasing at O1 Properties, commented: "We welcome our new tenant to the Bolshevik business and cultural centre and are confident that VimpelCom’s staff will appreciate the quality and advantages of the site, which has already won a string of international awards. Outstanding historical architecture, landscaped areas, the Museum of Russian Impressionism and an indoor atrium with retail zone together create the unique atmosphere of Bolshevik. All of these features are highly valued by the companies, which are already our tenants. The transaction with VimpelCom is remarkable for being concluded at an early stage of building readiness (a year and a half before actual transfer), offering the future tenant great flexibility for the adaptation of main building systems and planning solutions to its specific needs. The transaction means that 85% of office space at the Bolshevik centre has now been leased."

The interests of the lessor in the transaction were represented by JLL.

The Bolshevik business and cultural centre with total area of 86,000 sq.m. is located on Leningradsky Prospect in Moscow and unites the buildings of a former confectionery factory, built in the late 19th century. The factory is a masterpiece of early industrial architecture and three of the buildings at the Bolshevik site have cultural heritage status. The renovation project was led by the British architectural firm John McAslan + Partners.

The first stage of renovation work was completed in mid-2016, including restoration of the site’s historical appearance, full modernization of the building utilities and adaptation to modern use. The Bolshevik site now incorporates a class-A business centre (tenants include Publicis Group, Parallels, Moët Hennessy and AT Kearney) as well as closed and open shared-use and recreation areas. One of the buildings at the site houses the Museum of Russian Impressionism with an outstanding collection of paintings by Russian artists. Three of Bolshevik’s buildings are being converted as residential apartments.

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