Globalworth, a leading office investor in Central and Eastern Europe, has signed an agreement for the sale of the Warta Tower office building in Warsaw with a company belonging to the investment platform Cornerstone Investment Management. The value of the transaction was set at over €63 million.
Warta Tower is one of the capital’s most recognisable and iconic office buildings. Located on Chmielna Street, in Warsaw’s business centre, the building offers over 33,000 sq.m of space.
“By finalising the transaction for the sale of the Warta Tower building, we have achieved another important goal in the implementation of our strategy. The core of our business is to provide modern office space, in buildings that stand out from the competition and offer the best quality working environment. An important positive element worth highlighting is the sale above book value and the further improvement in the performance of the portfolio of properties remaining in the Group. The sale of such a prestigious building, in a top location in Warsaw, is a great success for us given the perturbations in the office market. At the same time, I am confident that the experienced team on the buyer’s side will carry out the redevelopment and re-commercialisation with great success.” says Łukasz Duczkowski, Head of Investments and Special Projects at Globalworth Poland.
We are delighted to have finalised this acquisition. The concept of revitalising Warta Tower will not only provide modern solutions designed to the latest standards, but also focus on introducing an ESG strategy that will allow us to create an excellent place on the office map of Warsaw. The modernisation is scheduled for completion in 2025. The solutions applied will meet the requirements of companies looking for new office space, will be cost-effective and also meet high sustainability standards by obtaining all the necessary certificates. The new tenants, who have already announced the relocation of their offices to Warta Tower, are very curious about the applied solutions and ESG elements in the building. Early declarations from companies show that this project will be a very strong competitor in the office market,” comments Przemysław Pikus, Partner at Cornerstone Investment Management.
In the sale process to Globalworth, legal advice was provided by Rymarz Zdort law firm and financial and accounting advice was provided by Baker McKenzie. The buyer was represented by Dentons, Colliers Intermational, MDDP (financial and accounting support) and Savills (technical support).
Warta Tower offers approximately 33,700 sqm of leasable space, one of the hallmarks of the building is its interestingly designed lobby. The structure allows any arrangement of space, and extensive glazing provides excellent natural light for the interiors. The 21-storey building provides a modern, comfortable and flexible working environment. Tenants have nearly 560 parking spaces at their disposal. Warta Tower is one of the most recognisable office buildings in Warsaw. The building is located on Chmielna Street, near Jerozolimskie Avenue – one of the capital’s main thoroughfares.
