Vastint Romania, part of VASTINT Group, an international real estate company with over 36 years of experience in the real estate field, announces the signing of the first lease agreement for the second phase of Timpuri Noi Square. SCOR, a leading global reinsurer, has selected the project for the permanent establishment of its operations in Romania, where it will occupy a space of 3,250 m².
SCOR, a leading global reinsurer headquartered in Paris, offers its clients a diversified and innovative range of reinsurance and insurance solutions and services to control and manage risk. In 2025, the Group generated premiums of EUR 18.7 billionand serves clients in more than 150 countries through a network of over 35 offices worldwide.
SCOR recently selected Business Garden Bucharest, also part of Vastint Romania’s portfolio, for its first office in Romania, where it currently occupies 2,320 sqm. The company will remain there until the summer of next year, when it is set to relocate to Timpuri Noi Square Phase 2, expanding into a larger space.
“Signing this pre-lease agreement with SCOR for the next phase of Timpuri Noi Square marks a natural continuation of a partnership that started within our own portfolio. It reflects an organic development, built on trust and a shared vision for high-quality work environments. At Vastint Romania, we value long-term relationships and the confidence our tenants place in us, and we remain committed to supporting their growth. We focus on staying flexible and working closely with our partners to identify the right solutions as their needs evolve. We are pleased to see this collaboration continue and to support SCOR in the next step of their development in Romania. At the same time, we are in advanced discussions with several other companies interested in Timpuri Noi Square Phase 2, further confirming the strong appeal of our flagship project” declared Antoniu Panait, Managing Director, Vastint Romania.
“SCOR Bucharest has a clear direction to build a strong team and expand its capabilities, with a view to making a meaningful impact at a global level. To support this, we need a workplace that truly enables collaboration, performance, and connection.
Our decision to move next year into a larger space reflects our confidence in our success on the Romanian market and our long-term commitment to growing our presence here. At the same time, this step reinforces our long-term partnership with Vastint Romania, a developer that consistently understands and supports our evolving needs. The project’s high sustainability standards, modern infrastructure, and strong sense of community make it a natural fit for us,” said Andrei Romanescu, General Manager SCOR Bucharest.
The rental transaction was facilitated by CBRE Romania.
“We are honored to have represented SCOR, a global reinsurance leader, throughout their strategic entry into Romania, a move that reinforces the country’s status as a premier destination for international financial players.
CBRE provided end-to-end consultancy over a 16-month journey, spanning from initial pre-analysis to the delivery of both temporary and permanent office solutions. We utilized advanced location analytics, commute-time modeling including transport-related carbon emission measurements for every site option. This data-driven approach allowed SCOR to transform ESG objectives into a tangible reality while securing a high-quality workspace in a market where central vacancy rates have reached single digits.
This landmark pre-lease transaction mirrors the robust demand for premium, well-connected spaces that has defined the Bucharest office market over the last 18 months”, stated CBRE consultants Vlad Damian, Head of Investor Leasing and Ana Vicoveanu, Senior Office Consultant.
Timpuri Noi Square 2 project, set for completion in Q4 2026 and fully operational in 2027, is currently the largest of the very few office projects under construction in Bucharest. Phase 2 will add 60,000 sqm (GLA) and introduce two new office buildings, effectively doubling the available office and retail space within the Timpuri Noi Square complex up to 112,000 m² of GLA. The 3 buildings in the first phase of Timpuri Noi Square, with a total rentable area of 52,100 m², are now 100% leased, among the tenants being Playtika, Ayvens, Radio AG (Kiss FM, Magic FM and Rock FM), Fratelli, Zitec, Bolt, Go Pro, Vola etc.
Phase two of the project will benefit from additional 690 underground parking spaces and a wide range of retail spaces. Also, phase two will host the largest food hall in an office building in Romania, with an area of nearly 6,000 m².
