Quinlan Private Golub is developing and leasing the asset on behalf of Accession Fund SICAV, a three-year-old Luxembourg-based fund of the European Bank for Reconstruction and Development. Accession Fund also developed IBC I, an adjacent nine-story building completed in 2002 that is fully leased.
The buildings are located at Armii Ludowej 14, at the Jazdy Polskiej roundabout in Central Warsaw, opposite Pole Mokotowskie park. The most recent prelease at IBC II, announced this week, was by Bank Pocztowy SA, which signed a long-term agreement for 30,139 sf (2800 m²). The company will fill most of two floors with its headquarters and also will open a 10,100-sf branch on the ground floor of the building.
In February, PricewaterhouseCoopers, which leases approximately 69,000 sf within IBC I, extended its lease there and preleased an additional 33,282 sf in IBC II. Also last month, Union Investment leased a full floor (16,641 sf).
All three companies are scheduled to inhabit their spaces in the second and third quarters of the year. The negotiated lease rates were not released by the parties involved, but the asking monthly lease rate for space in the building is 22 euros per square meter. Colliers International represented Bank Pocztowy and Union Investment in their lease negotiations.
Quinlan Private Golub is a joint venture of Quinlan Private, an Irish independent private client advisory group, and Golub & Co., an international real estate developer and investment company based out of Chicago. The JV is focused on residential, retail and mixed-use projects in the CEE region. In Poland, in addition to IBC I & II, the company is the developer or co-developer of Forum Gliwice, Galeria Podlaska, Koszyki, Oakland Park, Warsaw Financial Center, Warsaw Corporate Center and Wiúniowy Business Park Building F.
Accession Fund SICAV, launched by the EBRD and Generali for investing in commercial properties in Central & Eastern Europe, is an institutional real estate fund. The fund's promoter is Munich-based GLL Real Estate Partners and its advisor is GLL Asset Management GmbH.
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