OREANDA-NEWS. On 28 August 2009 was announced, that Coalco Moscow owned by Vassily Anisimov is to erect a 200,000-square-metre office centre in the area of Iskra design office located at Leningradsky Avenue.

This project is not the first one by Coalco at Leningradsky Avenue in Moscow. In particular, the company was informed last week to have plans to develop the area occupied by Yunykh Pionerov Stadium.

According to a source close to the Coalco management, the company possesses roughly three hectares of Iskra’s area.

Maksim Zhulikov from Penny Lane Realty said the period of development had not been set. The cost price for construction of a square metre of office premises is currently USD 1,500-USD 2,000 without additional expenses, including a site value, the city share buyout, etc. So, an investment in the project is estimated to be USD 300-USD 400 million.

However, as Mr Zhulikov emphasized, many offices are not in demand on Moscow’s market now and it makes sense to commission the new ones in 3-5 years when a shortage of commercial real estate is expected to exist.