IVG adds office space

German firm IVG Development has announced plans to construct a new office complex in Warsaw's Wola district. The complex, called Vector, will be erected at the intersection of ul. Obozowa and Al. Prymasa Tysiąclecia.

The H-shaped office complex will consist of two buildings - one seven-storey and the other 15-storey - connected by an area which can facilitate internal traffic or serve as additional office space. Vector will offer about 13,000 sqm of office space, as well as 500 sqm of service space.

Around 200 parking spaces will be available in the three-level underground parking lot. There will be a patio on the ground floor, designed for a cafeteria, bar or a restaurant.

"I strongly believe that Vector will become a key point on the office map in Warsaw. The Wola district is already appreciated by commercial developers. Many buildings have been constructed or revitalized, the majority of which now host the headquarters of financial institutions. We recognize that the area where Vector will be constructed is the natural direction in which the city center is expanding," said Maciej Zajdel, president of IVG Development Poland.

After HorizonPlaza, Vector is IVG's second office development in Warsaw. The building has been designed by JSK Architekci and IVG plans to select a general contractor in Q1 2009, with construction to start in Q2. Completion is expected in Q4 2010.

The total cost of the investment will reach approximately €35 (zł.136) million. 

IVG Development is a division of IVG Immobilien AG, which also owns IVG Investment, IVG Funds and IVG Caverns. IVG Development's branches are located in five German cities as well as Paris, London, Budapest, Prague and Warsaw.

At the end of 2007, the value of IVG Development's projects amounted to around €2.5 (zł.9.74) billion.