Echo Investment sells Warsaw office building for €76.5 million

28
Nov
2018
News - Echo Investment sells Warsaw office building for €76.5 million #Echo Investment #GLL #investment #office #Poland #Warsaw

by Property Forum | Investment

The Gatehouse Offices, the first office building of Warsaw Brewery, will be acquired by a fund managed by GLL Real Estate Partners. The project of Echo Investment, which will obtain the occupancy permit in Q4 2018, will be sold for €76.5 million.


The 15,700 sqm office building will be mainly occupied by L’Oréal Polska, Epam and WeWork. Employees of these companies will use a comfortable work space and green terraces located on the roof. The ground floor of the building will be occupied by cafes, restaurants and stores. The Gatehouse Offices will be ready to move into in 2019.
 
Warsaw Brewery is the area between Grzybowska, Wronia, Chłodna and Krochmalna streets, which will be reintroduced to the urban fabric by Echo Investment. A new, open quarter created by residential buildings, office buildings and public squares, rest and recreation places, cafes, restaurants and shops is being developed. This is a place with a beautiful history but above all a modern, functional and comprehensive urban and architectural concept.
 
“We have designed Warsaw Brewery in such a way that this place would attract people, be friendly and convenient for work, meetings and leisure. We are pleased that GLL Real Estate Partners will soon become a co-host of this unique ‘destination’ project”, says Nicklas Lindberg, Echo Investment CEO.
 
Echo Investment has already begun the construction of the next two office buildings: Villa Offices and Malthouse Offices. In another part of this area, three buildings, which apartments quickly found buyers, are developed as well as a residential building for the apartment rental platform Resi4Rent. The developer has also started work on the renovation of historic cradle cellars in which beer was formerly stored.



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New leases

  • Cordon Electronics, a specialist in electronics and advanced technologies, has renewed its lease agreement at MLP Pruszków II, in the immediate vicinity of Warsaw. The company will continue to occupy a total of 7,770 sqm of modern space, a footprint that includes 458 sqm dedicated to office operations.
  • mBank, the digital banking company in Poland, has decided to relocate its largest corporate branch in Lower Silesia to the Infinity office building in Wrocław. The company will occupy nearly 1,300 sqm on the fourth floor of the building. The tenant will move into the development owned by Avestus Real Estate and Alchemy Properties in January 2027.
  • GSP Global Solutions Provider has further expanded its cooperation with CTP by leasing an additional nearly 7,000 sqm in CTPark Budapest Vecsés on a long-term basis.

New appointments

  • Krzysztof Wróblewski (MRICS) has been named Head of Portfolio Management CEE at Peakside Capital Advisors, responsible for overseeing investments and managing the real estate portfolio. He succeeds Christopher Smith in this role.
  • Garbe Industrial is reorganising its senior leadership team. CEO Christopher Garbe will now focus on strategic orientation and international activities. Jan Philipp Daun assumes leadership of the Development division alongside his existing Investment and Joint Venture responsibilities. Andrea Agrusow expands her remit to include Portfolio Management while retaining control of Commercial and Real Estate Management. Additionally, Michael Marcinek and Maik Zeranski will now jointly head the restructured Development unit as Management Board Members, succeeding Adrian Zellner.
  • CPI Property Group is strengthening its leasing structure with the appointment of Agnieszka Baczyńska as Head of Leasing. In her new role, she will be responsible for shaping and executing the leasing strategy across the group’s office and retail portfolio in Poland. At the same time, Izabela Potrykus has been appointed Leasing Office Director. Baczyńska brings more than 20 years of experience in the commercial real estate market. Prior to joining CPI Property Group in 2022, she served as International Leasing Director at Neinver Polska.


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