Octava has sold the Obrzeżna Center office building in Warsaw to a Polish investor. The price has not been disclosed. Avison Young and Savills jointly represented the seller.
Obrzeżna Center is an office building located on 7 Obrzeżna St. in Warsaw, at the main junction of Mokotów Business District, which enables easy access to the city centre by tram, bus or subway. The Chopin Airport is only 3 kilometres away. In the close vicinity, there is a shopping mall Westfield Mokotów and many other office buildings. The property offers ca. 10,000 sqm of total space, spread on 6 floors above ground. There are also both ground and underground parking spaces available to tenants.
The new owner is a Polish investor, who purchased the property with a further redevelopment plan and changing its function into PRS unit.
"For several years already we have been observing the transformation of Mokotów Business District from a business district, into a district with new and modern housing properties, hotels and restaurants which changed the character of this area. New infrastructure, enhancing commuting with other parts of the city is also important here. Obrzeżna Center is a great location for PRS unit due to its central location within the district. Our technical advisors have analysed several buildings in terms of potential redevelopment into housing or PRS function. According to their examination, changing the use from office to residential in terms of technical aspects should not be problematic in many cases. Older office buildings often differ significantly in terms of standards from modern and energy-efficient class-A office buildings. In this respect, converting them to a residential function may be more profitable than continuing to maintain increasingly less attractive and difficult-to-lease office space”, comments Bartłomiej Krzyżak, Senior Director, Investment at Avison Young.
Avison Young jointly with Savills represented the seller. Penteris provided legal advice for the seller throughout the process.
