PRESS: Yandex rents Moscow-City office for 4 bln rbl, 5 years

MOSCOW, Aug 5 (PRIME) -- Internet company Yandex has rented 20,833 square meters in office complex Neva Towers in the Moscow International Business Center, also known as Moscow-City for, as sources say, at least five years, which would cost the Internet company 3.54–3.85 billion rubles minimum in total, business daily Vedomosti reported on Thursday.

 “The company grows and develops, this is why it considers different expansion options,”a Yandex representative said.

According to the company’s financial report for January–June 2020, its personnel increased by 45% on the year to 14,850 people. The sources told the daily the new office would host 1,500 employees.

Konstantin Losyukov, a regional office property sales director at Knight Frank, said the office in Neva Towers is rented for the taxi service and some other divisions of Yandex. The rent can reach 34,000–35,000 rubles per square meter a year. Yelena Denisova, head of the office property department at CBRE, said the rate can be higher, at 36,000–37,000 rubles.

A source close to one of the parties of the deal said that Yandex would rent the premises for at least five years, and, according to the rates, the office would cost it 3.54–3.85 billion rubles in total.

(72.7857 rubles – U.S. $1)

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