Syrena Real Estate, a Polish commercial real estate investment company, has acquired the Zaułek Piękna office building located in the heart of Warsaw's Śródmieście district from Manova Partners. The purchase was co-financed by mBank. The price has not been disclosed.
Zaułek Piękna offers over 8,100 sqm of office space and approximately 700 sqm of retail and service units. The largest tenant is the international consulting firm Mazars, which occupies more than 20% of the building. Other tenants include OC&C Strategy Consultants, LivUp - which operates in the PRS sector and Fidea.
"Zaułek Piękna is a property with potential for a strong repositioning. Our aim is to make this building a landmark in the city centre and, through our investment, to kick-start the revitalisation of the surrounding area. Zaułek Piękna will meet all the requirements of a modern office building and its commercial part will be redefined", says Witold Zatoński Kotomski, founder of Syrena Real Estate.
The seller was advised on the transaction by Cushman & Wakefield, law firm Greenberg Traurig, Sentient and KPMG. On the buyer's side, law firm WolfTheiss and REESCO were involved in the process. Law firm Addleshaw Goddard (formerly Linklaters) advised mBank.
"Syrena Real Estate's purchase of an office building in the centre of Warsaw, in a prestigious location, is further evidence of the increasing activity of local players in the investment market. Undoubtedly, with the low level of development activity in the capital and the shrinking stock of attractive land, this type of high-quality, well-maintained asset will become increasingly desirable", says Marcin Kocerba, Partner in Cushman & Wakefield's Capital Markets Department in Poland.
The acquisition of Zaułek Piękna is a continuation of Syrena Real Estate's strategy focused on the modernisation of existing office buildings. Previously, the Warsaw-based company successfully completed the HOP projects on Chmielna Street (14,000 sqm) and the Diuna office complex in Mokotów (46,000 sqm).
"The investment is another bold step in Syrena's ongoing green transformation strategy. Our aim is for the refurbished buildings to achieve the highest standards of energy efficiency, significantly reduce operating costs and minimise their carbon footprint. Our ambition is that the renovated Zaułek will not only be 'Beautiful' in name, but will become a true icon of Warsaw, combining prestige, bold architecture, ecological solutions and state-of-the-art technologies", adds Mariusz Napiórkowski, CFO and Investment Director of Syrena Real Estate.
