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77% Stake in Warsaw Landmark Sells for $100M-Plus

WARSAW-A joint venture led by Chicago-based Golub & Co. sells its 77% share of the 750,000-sf Warsaw Financial Center to a joint venture of Austrian CA Immo AG and the European real estate investment management and advisory business of Prudential Financial Inc.

By Brian K. Miller | Updated on August 31, 2005

WARSAW-The 34-story Warsaw Financial Center is under new ownership. A joint venture led by Chicago-based Golub & Co. has sold its 77% share of the 750,000-sf landmark to a joint venture of Austrian CA Immo AG and Pramerica Real Estate Investors, which is the name Prudential Real Estate Investors operates under in Europe and Asia. While the parties involved aren’t releasing the purchase price, industry sources tell GlobeSt.com the interest in the building traded for slightly more than $100 million.

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.

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