The court has obliged “Rosneft” to rent an office in Moscow at...

The court has obliged “Rosneft” to rent an office in Moscow at a rate above the market

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Business center Nordstar Tower

Photo: Anna / Photobank Lori

The court has obliged “Rosneft” to pay for office rent in the business centre
Nordstar Tower on the conditions of the owner. The company must pay
$910.8 m for 1 sq. m a year. Experts call this bet the maximum in Moscow

The Moscow arbitration court has obliged “Rosneft” to conclude with JSC “Nordstar tower” lease of offices and Parking spaces in the business centre Nordstar Tower on the conditions of the owner of the building. About it write “sheets” with reference to the decision of the court.

In 2010, approximately half of the Nordstar Tower rented oil company TNK-BP for 15 years. Then the company passed under control “Rosneft”. Two years later, “TNK-BP management” (now “RN management”) rented office space and Parking until March 2016.

The Treaty itself was short, the representative of the “Nordstar tower” knew about it. According to the court, until March 2026 in the initial conditions had to be signed long-term contract, but the tenant ignored him. The court decision said that “Rosneft” did not agree with the amount of rent.

Under the lease, the first year the oil company must pay $910.8 m for 1 sq. m a year. From 1 December 2016, the building owner can increase rates by no more than 4% once a year. The revision rate possible in March 2021.

According to market participants, such high interest rates in Moscow, there is almost no one. According to Evgeny Semenov from Russia & CIS at JLL, the base rate in offices of class A, which includes Nordstar Tower, in 2016 amounted to $400-600 per 1 sq. m a year. He said that only a few buildings in the center of Moscow for rent space for rent for $600-750. Nordstar Tower located near the metro station “Begovaya”.

“Vedomosti” with reference to Constantine lasukova from Knight Frank reported that the office in Nordstar Tower can be rented for 35 thousand rubles ($610) per 1 sq. m a year, including all operating costs.

Nordstar Tower belongs to the “Northstar development”. The company, according to market participants interviewed by “Vedomosti”, controlled by businessman Maxim Blazhko.

The representative of “Rosneft” comments have refused RBC.

ZAO “Northstar tower” has filed a lawsuit against Rosneft in October 2015. The amount of debt on the two cases was 620,7 million rubles. it was Reported about the reasons for the filing of only one claim on which the “Nordstar tower” planned to recover from the oil company 68,3 million rubles.

The documents indicated that “Nordstar tower” exacts a debt “to pay ongoing rent, fees for maintenance services and Parking fee lease of non-residential premises <…> for the fourth quarter of 2015.”