193,750-SF Landmark Hits Bull's Eye of CBD Need

TIRANA, ALBANIA-Colliers International Albania expects to have the first letters of intent in hand by February 2009 for the 18,000 m2 [193,750.3 sf] Millennium Business Center, a spec office project rated as a true class A by international standards. A city requirement to include a cinema in the landmark building has set it up as an anchor for a pedestrian-friendly vision for the CBD.

Mario Zaka, consultant for Colliers International Albania, says there are two theater companies now being sized up to run the bi-level, six-screen cinema. One is an affiliate of the local developer, the Millennium Group, and the other is an international operator. He says the developer scraped a theater from the site and was required to have one in the rebuild because there are only “three or four” citywide.

Zaka tells GlobeSt.com that the theater operator’s decision has been put on hold so the leasing team could concentrate on preleasing the 7,000 m2 [75,347.3 sf] of office space for the project, which sits 200 meters from the main square in one of the highest foot-traffic locations in the city center. “We believe we’re going to find someone in early 2009,” Zaka says. “We expect Millennium to be absorbed. We have no problem in the market.”