Warimpex’s completion of Le Palais on Próżna Street in Warsaw looks to be the beginning of a return of elegance and style to a depressingly run-down part of the city center. The developer unveiled the €26m investment in January, following a tender held by the city nearly two years ago to take over and renovate an old tenement building. The project is now almost finished, and some of the tenants are already running their businesses in the building.
“We signed the first tenant after construction started,” says Christian Fojtl, a member of the board at Warimpex board. He said the construction was initially financed through the company’s own funds. Warimpex’s first and largest tenant is Ipopema, which agreed to take two floors of the building. Following that agreement, Warimpex was able to negotiate a loan from Raiffeisen Leasing Bank from Vienna.
With Le Palais complete, the rent level has been set at €25 per sqm and in all, it has 6,750 sqm to offer. Other tenants include Stewart Title, Schoenherr, The Austrian Cultural Forum, and IVG. Warimpex has set up its own offices on the location as well, and claims to have found an institutional investor to take over the asset in a deal that could go through by summer.
