CEE office investor Globalworth has signed a contract to sell the Warta Tower office building in Warsaw for around €63 million – over book value, it says.
The buyer is a company from the Cornerstone Investment Management platform.
Warta Tower is one of the most recognisable and iconic office buildings in the city. It has 33,700 square metres of leasable space and around 560 parking spaces. Chmielna in Warsaw’s central business district.
Warta Tower is one of the most recognisable office buildings in Warsaw
The 21-storey building provides a modern, comfortable and flexible working environment and is one of the most recognisable office buildings in Warsaw. It is located on one of the main arterial roads in the city.
Łukasz Duczkowski, the Head of Investments and Special Projects at Globalworth Poland, says, “By finalising the sale of the Warta Tower office building we have achieved another important goal of our strategy. The core of our operations is to offer modern office space in buildings that stand out in a competitive environment with the highest quality workspace on offer. One important positive point to make is that the sale was for a higher figure than the book value and improvement of the parameters of the portfolio of properties remaining in the Globalworth Group. Is a great success for us to sell such a prestigious office building in a top Warsaw location in consideration of the disruption on the office market. At the same time, I am convinced that the experienced team on the buyer’s side will be extremely successful when it undertakes the building’s reconstruction and commercialisation.”
ESG strategy
Przemysław Pikus, a Partner at Cornerstone Investment Management, says, “We are pleased to have finalised the acquisition. Our concept to renovate Warta Tower will not only include modern design solutions that meet the latest standards but will also focus on implementing an ESG strategy that will allow us to create a mark on the office map of Warsaw. We plan to complete the modernisation in 2025.
“The solutions we are to use will meet the demands of companies looking for new office space; they will be cost-effective and also meet the highest standards of sustainable development thus acquiring all the necessary certificates. The new tenants we have, who have already announced that they intend to move into Warta Tower, are extremely interested in the solutions we are to use as well as the ESG aspects of the building. The fact that companies have already made such declarations shows us that our project is going to be a strong competitor on the office market.”
Globalworth received legal advice from the Rymarz Zdort legal firm as well as financial and accountancy advice from Baker McKenzie. The purchaser was represented by Dentons, Colliers International, MDDP (for financial and accountancy advice) and Savills (technical advice).
Cornerstone Investment Management was founded by Przemysław Krych in 2001 and manages private equity investments with a portfolio of assets worth €7 billion.
