Author: Jelena Stankovic

In January 2022, Belgrade Palace will open its doors to tenants, while the BIGZ Building will be ready to do so at the beginning of 2023. These monumental edifices are projects of Marera Properties, a company engaged in real estate investment and development, and leasing of office, industrial, and retail properties at prestigious and strategically chosen locations. Regarding current accomplishments, as well as upcoming projects, we spoke to Bojan Ljubičić, Office Asset Class Director at Marera Properties.

The company Marera Properties attracted a great deal of interest and attention through its acquisitions of older buildings and some of Belgrade’s landmarks. What made you choose this kind of approach?

In our company’s development so far and the office asset class I represent, we placed a special emphasis on the reconstruction of older buildings and the preservation of the cultural and historic heritage in downtown Belgrade. That is our local niche market and something we are especially proud of, since we are witness to the revival of Belgrade’s landmarks, some of which have remained derelict in a bad need of repair for several years. As one of the examples, I would like to pinpoint the reconstruction of Kalemegdan Business Center – a former “Beko” factory, which remained roofless and windowless for a decade at the central downtown location in Lower Dorćol. Today, this building is a multifunctional business center with more than two thousand employees, whose daily needs are met by an array of surrounding service facilities and shops, thus further contributing to the development of the entire immediate area.

You acquired Belgrade Palace last November. A year or so after the acquisition, you announced its imminent opening. What has been done as part of Palace’s reconstruction?

Belgrade Palace opening, the overhaul of which was performed over a 12-month period, represents a significant step forward for our company. It is the pinnacle of our team’s dedication and efforts from all segments and asset classes. The 20 thousand square meters of Palace’s interior have been completely refurbished to meet the A class office property standards and the needs of modern business activities and practices. The outside of Belgrade Palace was freshened up, whilst paying special attention to the preservation thereof, since the building bears the cultural and historic heritage status protected by the Belgrade City Institute for the Protection of Cultural Monuments. Eight million euros was invested in the renovation, which is the largest investment into this edifice ever since its construction.

What does the interior of the building look like now, which was, as you stated, fully refurbished?

Latest generation elevators were installed. Moreover, all electrical, plumbing, and other installations have been replaced and the natural ventilation system introduced. Furthermore, the smart building management system, which will improve the building’s energy efficiency, was also put in place. At the time of its construction, Belgrade Palace was considered an architectural miracle, with more than 20 construction and installation methods used and applied for the very first time in the Balkans. Following in the same footsteps, we also wanted to show how this smart building from the time of its construction can again be a beacon for breaking boundaries in architecture and technology. I would especially like to mention the construction of real “green oases” within spacious 5th and 6th floor terraces. These terraces feature natural greenery to resemble actual parks, but with fully equipped work zones allowing for open-air meetings and other events to be organized and held.

What has been the interest of potential tenants like for Belgrade Palace thus far? Do you know what are the predominant industries potential tenants moving into Belgrade Palace are from?

The very first tenants will start moving in from 01 January 2022 and the interest for this reimagined building has been great. At this moment in time, 95% of the building has already been leased out, which is beyond our expectations. Following market trends, most tenants come from the IT industry, as well as the energy, transportation, and logistics sectors. The tenants are larger companies, many of which have decided to lease more than one floor to meet their needs. At the moment, the average square meterage of leased space is 1,000.

The BIGZ Building represents one of the greatest achievements of Yugoslav modern architecture. What will this building look like after its reconstruction and what will be its main purpose?

The reconstruction of the largest printing house in the Balkans – BIGZ, which we acquired together with our partner “Aleksandar gradnja”, began by clearing the surrounding terrain. This 40-thousand-square-meter cult building by the architect Dragiša Brašovan will be adopted to meet the standards and needs of a multifunctional A class business center, featuring industrial design, monumental 4.6-meter ceilings, modern details, and contemporary solutions. What is a rarity is the fact that some of the individual floors span across 3.500 square meters, providing for offices of different sizes and interior design solutions to meet the needs and wants of any tenant. Large, panoramic windows adorning the building should also be mentioned, as they will make the interior bright and pleasurable to work in.

What is the value of the BIGZ Building renovation project and when will it be opened?

First and foremost, I would like to use the opportunity to remind the public that the BIGZ Building was erected in the late 1930s. Taken into consideration its size and complexity, the reconstruction thereof is the largest endeavor of its kind to ever be performed on a building protected by the Belgrade City Institute for the Protection of Cultural Monuments. The planned total value of the investment in reconstruction is 20 million euros, with a one-year reconstruction period, which means that the first tenants would start moving in from January 2023.

Last, but not least, please do tell us something more about the company and its future development direction?

Marera Properties is a company with a portfolio of more than 200 thousand square meters of office, retail, and industrial properties throughout the country. Furthermore, the company is in the top 4 office asset class real estate investors in Serbia, while its current office property offer in downtown Belgrade makes it a leader therein. In terms of future development and direction, we plan to continue our growth and maintain our stronghold as the market pioneer, based on clearly defined and strategically developed short- and long-term business goals.

The well-known city landmark popularly known as “Beogradjanka”, which was acquired by Marera Properties last November, will open its doors to the business community by the end of 2021., after only 12 months of comprehensive reconstruction.

“Interest in the A class office space in the renovated Palata Beograd is immense. At this moment, we can say that close to 70% of the office space has already been leased and based on the number of inquiries we receive on a regular basis, we believe that by the time the renovation is fully completed by the end of this year, the building will be occupied to the full capacity,” says Milana Sreckov, director of Marera Properties.

The comprehensive reconstruction of Palata Beograd – the former tallest building of the Balkans, the first smart building, and one of the most prominent symbols of the city – started at the end of last year. Investment worth more than eight million euros entails detailed renovation of the building interior from the 5th to the 23rd floor, as well as refurbishment of the façade, new windows, and exterior nighttime illumination.

“In reconstruction, we are implementing latest trends – in construction, technology and architecture. The best example of it is the already completed refurbishment of Kalemegdan Business Center – once a Beko factory building that was neglected and damaged with time. Today, this building represents a contemporary, multifunctional business center with more than 2,000 employees. In Palata Beograd, we will for example build green park zones in spacious terraces located on the 5th and 6th floor. This is an innovative concept that has not been implemented thus far on the local market,” says Sreckov.

In parallel with the construction works on Palata Beograd, the BIGZ building initial renovation works have begun. BIGZ will be completed by the end of 2022, as planned.

Marera Properties, founded in 2009, is a real-estate company engaged in acquisition, development, leasing and management of commercial properties. The company portfolio consists of more than 200,000m² of office, retail, and industrial properties across the country, which makes it one of the leading investors on the Serbian market.

Belgrade June 23rd, 2021. – Marera Investment Group, with its subsidiary Marera Properties, is the only commercial real estate investment company in Serbia that has received a long term rating score from the prestigious S&P Global Ratings agency. According to the S&P May 2021 report, Marera is a company with the growing potential due to its diversified portfolio, new acquisitions, high percentage of tenant occupancy, strong market position and proved operating performances.

“Marera’s portfolio benefits from good tenant diversification and the good quality of its office assets, mainly in and around Belgrade city center,” the report states.

S&P Global is an American credit rating agency, and one of the three most influential world agencies for credit ratings assessment. S&P issues credit ratings for public and private companies as well as states and state entities. In December of last year, Serbia was affirmed the previously issued BB+ rating.

“We are very proud of the fact that as a relatively young company we have been recognized by the global rating agency, which allows us international recognition and credibility. The rapid expansion and ambitious plans in terms of our positioning on the local market, as well as the world-class standards that we incorporate in our business practices, have contributed to us becoming the first company for commercial real estate investments that has received the B- credit rating score only a few years after it was established,” said Milana Sreckov, General Manager of Marera Properties.

Marera Properties, established in 2009, is a real estate company engaged in the acquisition, development, leasing and management of commercial properties. Over the last three years, Marera has developed a portfolio value of more than 145 million euros, which makes it one of the top investors on the Serbian real estate market. The portfolio consists of more than 200.000 m² office, retail, and industrial objects across the country. A special focus is on the office space in attractive locations in the core city center. With the recent acquisitions of the landmark buildings Palata Beograd and BIGZ, and following their reconstruction, Marera will significantly bolster the offer of A class office space in the country’s capital.

Belgrade 12th of May 2021 – After more than 40 years, on May 4th and 5th, citizens of Belgrade had a unique opportunity to enjoy the view of the capital from the 22nd floor of Palata Beograd. In addition to the unique view of the city, the event had a humanitarian character. The sum of 179,400 dinars from purchased tickets, Marera Properties, will double and donate to the Red Cross of Belgrade. Thus, a total of 358,800 dinars will be handed over to this institution. Palata Beograd is owned by Marera Properties since September last year and its extensive reconstruction is underway, until end of this year.

“Palata Beograd is one of the most important symbols of the city, so we have enabled citizens to experience the city from its viewpoint after more than 40 years, and at the same time, help the Red Cross of Belgrade in a creative and beautiful way.” Easter and May holidays were an ideal time, because in this period people are mostly focused on personal entertainment, and humanitarian organizations face a greater challenge. We are very satisfied with the interest in the event, during these two days, almost 2,000 citizens visited the lookout point. We thank everyone who participated and donated to the Red Cross in providing help for people in need,” said Marija Drakulić Šebez, Marketing Director of Marera Property Management.

Red Cross of Belgrade team was also on site and informed citizens about the actions of voluntary blood donation. Ivana Marisavljević Dašić, Secretary of this institution, pointed that citizens have always greatly supported their actions and programs organized independently or in partnership with responsible companies, such as Marera Properties.

“Marera Properties organized this event to support the programs of the Red cross of Belgrade and showed that if there is a will, there is always a way to show social responsibility. The funds collected in this beautiful two-day adventure will help our organization provide help for those in need, “said Ivana Marisavljević Dašić.

The event was in line with all epidemiological measures, with the obligatory protective masks, disinfections, and proper social distance maintenance.

Marera Properties is the new owner of Zemun Park, the first retail park opened in Belgrade, spreading over 15,000m2. The company’s strategy to develop their retail portfolio through high-quality properties on heavily trafficked well-connected locations, resulted in the acquisition of the retail park at the entrance to Belgrade, only a few kilometres from downtown Zemun. Zemun Park offers great value for your money with over 30 favourite consumer brands and additional amenities, making it more than just a shopping destination but rather a place where families enjoy spending time together.

“A well-balanced mix of retailers followed by attractive leisure opportunities is key to engaging shoppers. Zemun Park is strong in both its prime location and infrastructure, and we will continue improving these segments to best address the needs of modern consumers. Over 270,000 people live in the residential neighbourhoods within a 10-minute driving radius, and around 12,000 people work in this area reflecting our focus on Zemun park’s direct connection with the Belgrade-Novi Sad highway, Batajnički road, and neighbouring facilities”, the company statement said.

This acquisition is a solid addition to Marera Properties’ retail portfolio focused on Forum Shopping Centre in Nis, and an important component for retail expansion in the capital. During 2020 the company will engage in further development of Zemun park, responding to shoppers and retailers’ steady interest in the space, by adding over 8,000m2 of new space to the fully leased shopping park. In addition to the existing parking capacity for 550 cars, a new parking zone will be developed to ensure maximum convenience and satisfaction for consumers of Zemun park.

About the Company:

Marera Properties through this acquisition continued further portfolio development, now over 210,000 sq. m of the most attractive retail, industrial, and office spaces. This real estate investment company is engaged in the acquisition, development, and further placement on the market with strong focus on major regional centres, Belgrade, Novi Sad and Niš. Business spaces in the portfolio are characterized by innovative design, professional services, modern and customizable solutions at competitive prices.

The company is strategically positioning each property to maximize it`s potential through renting, marketing, and operational management. Growth, innovation, integrity, inspiration, and cooperation are the key values Marera Properties` business is built on.

Belgrade, january 19, 2021 After presenting the new design of Palata Beograd and its office spaces that will turn it into a modern multifunctional business center, Marera Properties is now revealing the building illumination concept. The facade will be illuminated lavishly offering an eye-catching sight of the city center.

“Palata Beograd already dominates the scenery with its height, and with the new illumination is will definitely be the new focal point in the night views of Belgrade. Golden glow will enrich its black monolith shape and enhance the elegance and simplicity of the structure. The emphasis will be on lightening of the last floors and the green roof terraces on the 5th and 6th floors. We envision Palata Beograd as the lighthouse in the central zone of the capital, inspiring admiration both in its citizens and tourists visiting the city. With complete façade renovation and illumination installation we pay tribute to rich historical and cultural heritage of the building, while providing a token of its grand future, bringing it back to the map of the most modern business centers in the region”.

The aluminum-glass façade occupying around 11,500 square meters has never been renovated before. The tower of Palata Beograd will be fully reconstructed by the end of the year, along with the implementation of illumination system in the final stages of the redevelopment.

Belgrade, November 24, 2020 – Marera Properties began with the reconstruction of the famous Belgrade Palace investing over 8 million euros in its adaptation. The planned worksrefer to the space from the 5th to the 23rd floor that the company recently bought from the city of Belgrade in a public bidding procedure. The reconstruction will take place in several phases, while the final stage and the completion is planned for the very end of 2021, when it will be possible to rent out A-class offices conforming to global standards and trends. The whole process of adaptation is set up so that all ongoing activities in the building’s vicinity, such as traffic, can occur without any disruption.

“We lead the entire reconstruction project of the Belgrade Palacekeeping in mind the interests of our fellow citizens. We are proud of the new architectural design that will emphasize the universal and timeless design done previously by architect Branko Pešić, through modern interpretation, highest quality materials, and new energy of the spatial concept. Within the project, the so-called green oases will be created on the fifth and sixth floor terraces,representing the innovation in the Serbian commercial real-estate market. In addition to an extremely pleasant overall appearance and added value for tenants, green oases testify to our commitment to sustainable and ecological projects. I would like to point out that there is a great demand for renting out office spaces, both with current and new, potential clients. In this stage of redevelopment, over 60 percent of the space has already been rented out, ” said Milana Srećkov, the CEO of Marera Properties.

Along with the above-mentioned green zones, which are designed as parks, the replacement of glass surfaces on the facade, as well as the complete reconstruction of the main building entrance will be included in the project. The plan also encompasses modernization of the elevators, replacement of all installations and improvement of natural ventilation to create adequate “lungs” for business operations, even in emergency epidemiological situations such as the current one. With other upgrades and advanced technologies, the planned implementation of a smart building management systemwillimprove the overall energy efficiency of the building.

Within the Belgrade Palace, Marera Properties will create a completely new space of a modern and functional design. What makes this company’s office portfolio stand out in the market is the maximum flexibility catering to the tenants’ needs.

Belgrade, September 9th, 2020 – One of the leading commercial real-estate companies in Serbia, Marera Properties is the new owner of the Palata Beograd, a building well-known to the public as “Beograđanka”. Upon wining a bidding organized by the City of Belgrade, Marera Properties is currently in the process of closing the purchase agreement.

The acquisition refers to the tower building with office spaces, while the adjacent retail property is excluded. With adding Palata Beograd and its 20,000m2 to the office portfolio, Marera Properties firmly establishes itself as the leader in the city center.

Since it was built in 1974, Palata Beograd has not been renovated. Marera Properties will invest additional EUR 8 million in redevelopment, which will be finished by the end of 2021.

“We are proud of having capital’s landmarks in our portfolio. With full responsibility and high enthusiasm we are starting with the reconstruction of Palata Beograd. We have a vast experience in this field, and a proven track record in landmarks’ redevelopment. The best example is the redevelopment project of former Hala Beko, Kalemegdan Business Centre today, which was carried out in cooperation with the Institute for the Protection of Cultural Monuments. Palata Beograd was once the most modern building in the country, and our plans are to restore that status through innovative design and renovation following the latest trends in architecture and interior design. We are confident that both the city administration and our citizens will be proud of the results”, said Milana Srećkov, General Manager of Marera Properties.

Upon reconstruction, Palata Beograd will open its doors to the business community. Serbian and international companies will have the opportunity to lease state-of-the-art offices on the prestigious location, meeting the highest standards of contemporary workspace solutions.

With reconstruction of the building at the intersection of Makedonska and Kondina street currently underway, M44 office space will soon be open for business. Positioned in the bustling urban environment, this office space is ideal for people with a dynamic business and social life.

The M44 provides its residents with state-of-the-art offices and up-to-date working conditions. The location of the building offers special benefits to its tenants, including beautiful views over the city and quick access to the city’s most attractive amenities.

This comprehensive and complex reconstruction project will result in a changed facade layout and brand new, functional offices that will accommodate a large number of people looking to work in an attractive and inspiring business environment. 

Upon the end of reconstruction, M44 will welcome its first tenants, including companies that see an optimal business solution in renting conventional office spaces, as well as Desk&More brand, which offers flexible, fully equipped offices for lease to businesses or projects. 

The facility has more than 5,500 square meters in total and tenants will have many amenities at their disposal, such as 24/7 office access throughout the year, reception, parking, shower facilities, security and video surveillance services.

M44 residents will also be able to take advantage of all the amenities available at Desk&More workspaces, such as meeting rooms, additional workspaces or offices for partners and temporary teams, telephone booths, spaces for breaks from work and connecting to professionals with similar interests.

The M44 space is designed as a business centre for companies that want a hub in the most attractive part of the city and need to maintain high reputation for their business. The success of this concept is evidenced by the fact that the full capacities of the M44 business centre have already been rented out.