WARSAW-Kulczyk Silverstein Properties has purchased the eight-story Stratos Office Center here in the CBD from Pramerica. The purchase price was not disclosed.
The 114,000-square-foot building, built in 2000, is 100% occupied by tenants such as BRE Leasing, the Belgium Embassy and law firms Beiten Burkhardt and Bird & Bird. The property includes about 8,000-square-feet of ground-floor retail, and has three levels of underground parking.
Edgar Rosenmayr, managing director and CEO of the buyer, said in a statement that this is the first major acquisition for KSP. The firm was formed as joint venture between locally based Kulczyk Investments and New York City-based Silverstein Properties Inc. “We have an appetite to buy more class A office properties with similar characteristics in Warsaw, Prague and potentially other Central European capitals,” Rosenmayr said.
The local office market is recording strong growth in demand, according to a second quarter Jones Lang LaSalle report. In the first half of 2011, office absorption in Warsaw increased more than 45% over 1H 2010, and the market is only 6% vacant, with little new construction.
Colliers International brokered the Stratos transaction, which was financed by Landesbank Berlin AG and Berlin Hyp. Law firm Hogan Lovells represented KSP, while Salans represented Pramerica.
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