Warsaw Financial Center lies in the economic center of the Polish capital, next to the new Hotel Intercontinental and across from the Palace of Culture and Science. The building's occupancy was not immediately available. The building's major tenants include Worldbank, the European Commission, General Electric, and the law firm Cameron McKenna.
Golub president and CEO Michael Newman was not available Wednesday for comment on the building's occupancy and age and the reason for the sale, among other things. The name of the owner of the other 23% of Warsaw Financial Center also was not available on Wednesday.
Pramerica Real Estate Investors is the European real estate investment management and advisory business of Prudential Financial Inc. Pramerica made the Warsaw Financial Center acquisition on behalf of investors in its central European strategy. Pramerica manages about $18.2 billion in net assets on behalf of more than 300 clients.
In addition to Golub, the selling joint venture included Chicago-based A. Epstein and Sons International, Inc., an architectural and engineering firm; Maciej Raczkiewicz, a principal and former head of AESI's Polish operations; Northwestern Mutual Life; and Heitman International, as an advisor to two major US pension funds. The selling entity was represented by Gareth Jones, Tomasz Trzoslo and Tomasz Puch in the Warsaw office of Jones Lang LaSalle.
Golub & Company affiliate GE Capital Golub will continue to serve as the building's exclusive leasing agent. GE Capital Golub is a limited liability company whose members are affiliates of GE Real Estate and Golub & Company.
GE Capital Golub (and its predecessor Golub-Europe LLC) have operated in Central and Eastern Europe since 1989. In addition to Warsaw Financial Center, the company has developed Warsaw Corporate Center; Charles Square Center in Prague; and the Atrium at Nevsky 25 in St. Petersburg, Russia. Currently, the company is developing a three-phase 1,300-unit residential condominium project near Praguie called the Koski Slunecni vrsek (Sunny Hill).
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