GTC sells Gdańsk office building

Warsaw Stock Exchange-listed developer GTC has finalized the sale of the Neptun Office Center building in Gdańsk. CBRE and Avison Young represented the seller and the buyer (whose name has not been revealed) in the transaction respectively. Completed in 2014, Neptun Office Center offers 16,100 sqm of office space. GTC acquired the property in 2016 from Hines. At that time, the building was 72% leased out and the buyer paid an attractive price for it, revealed GTC’s CEO Thomas Kurzmann. Since then, GTC has fully commercialized Neptun Office Center, improved its weighted average unexpired lease term indicator and thus boosted the building’s value.

(Warsaw Business Journal)