Cain International, a privately held real estate investment firm operating in Europe and the United States, and its local development partner, White Star Real Estate, have started construction on PZO, an 18,000 sqm mixed-use scheme in Warsaw’s Praga district on the site of the former Polskie Zakłady Optyki factory.
Due for completion in late 2020, PZO will offer 8,000 sqm of office accommodation, 2,100 sqm of fitness facilities and more than 1,000 sqm of retail space. Occupiers will also benefit from access to a two-level underground car park, an outdoor car park providing over 200 parking spaces and amenities for cyclists. The residential part of the project with 121 apartments is to be delivered in the 2nd quarter of 2021.
Located in the dynamic Praga district of Warsaw, PZO is well situated to take advantage of public transport and is close to the Skaryszewski Park and Kamionkowski Lake.
Liam Le Roux, Head of European Asset Management at Cain International, said: “The Praga district is one of the most dynamically developing parts of Warsaw and PZO will offer something entirely new to the market: attractive loft-style offices and residential apartments in a location where people really want to live, work and play.”
“We continue to see significant opportunities in gateway cities in the CEE market and, in addition to this scheme, look forward to delivering The Park Krakow, a campus-style office park in Krakow, with White Star Real Estate as a part of our ongoing development pipeline.”
Bartosz Prytuła, Managing Partner at White Star Real Estate, said: "This development is a unique regeneration project with an extensive history, and we look forward to using our vast experience in revitalising historic buildings and urban spaces to bring it to the market. Despite only recently starting on-site, we are already experiencing a high level of market interest in the office and residential spaces due to the building’s high technical specification, unique design, excellent location and wide range of on-site amenities.”
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