Two U.S.-based real estate firms will develop a $363 million mixed-use complex near the Sofia, Bulgaria international airport. Los Angeles-based Tishman International Cos. and GE Real Estate Central & Eastern Europe will co-develop the Sofia Airport Center project.
The announcement marks the first time that two U.S.-based developers have agreed to build a project in Bulgaria.
“Our joint venture is ideally positioned to successfully develop Sofia Airport Center, [which will become] a state of the art project that will set a new standard for commercial development throughout the region," says Alan Levy, chairman of Tishman International.
The project will be developed roughly 985 feet away from the new Sofia Airport. The airport is capable of accommodating as many as 2.6 million passengers per year. After construction, the property will offer roughly 1.8 million sq. ft. of commercial space. Potential tenants of Sofia Airport Center include retailers, logistics and storage companies, local and international food companies, and businesses and companies that need to operate near the airport.