S+B acquired the Universal office building in Warsaw this week for a reported PLN 80m. Located near the famous Rotunda building, Universal offers 3,200 sqm of space and is currently leased to the Directorate of Foreign Trades.
S+B took over the property from the bankrupt Universal company. The company’s trustee had been trying to offload the project for years, but the initial asking price of PLN 110m did not attract potential buyers. The trustee eventually lowered the price to PLN 93m. Market watchers are speculating, however, that S+B paid just PLN 80m.
S+B delivered Hampton by Hilton in Warsaw this year and is currently developing the Królewska office project. The company said it’s interested in land acquisitions, as well as modernizing existing projects. The JEMS architecture studio has already provided a new design concept for the 50-meter tall Universal building. The plans call for developing a 70-meter tall building on the 3,200 sqm plot.
