Greek company Eurobank Properties, which won a tender to build Sofia's first skyscraper, has ultimately backed down from the deal. The company has decided, in light of the global financial crisis, not to go ahead with the project. The contemplated tower was going to rise on Todor Aleksandrov Boulevard in Sofia.An official statement from the company said that the decision was ultimately caused by the current economic climate, the financial crunch and the negative economic forecast for Bulgaria, as quoted by the Bulgarian newspaper the Trud daily.However, consultants are speculating that the arduous circumstances on the real estate market and the buyers' strong position in the negotiations have more to do with the official motive and ultimate decision.In September 2008, Eurobank Properties completed and signed a preliminary contract with the seller at the time - Arcon Constructions. The deal at the time was concentrated around a 0.2ha area in close proximity to Lukoil's Bulgarian main headquarters. Accordingly, Arcon Constructions was supposed to build a 32-storey skyscraper with large commercial, recreational and business areas. The deal was officially estimated to cost 90.8 million euro.