PW signs onto Nowogrodzka, PZU wins ONZ
"People were saying to me that it's unbelievable to get a 10-year lease with such a big tenant so far before construction starts," von der Heyden said.
The project is located in downtown Warsaw on ul. Nowogrodzka 68 at Plac Starynkiewicza (one block south of Al. Jerozolimskie). Construction is to begin in March 1996, with occupation scheduled for Dec. 1, 1997. The building comprises 4,250 square meters (net) office space, with parking for 58 cars. The project is developed by von der Heyden & Partners and Warsaw-based Wadeco.
As Price Waterhouse will be the sole tenant in the project, they had a free hand in helping redesign it to fit their needs.
"This is a unique building - their building. It's been totally reshaped to fit them," von der Heyden said. Price Waterhouse's real estate division will manage the building upon completion. While declining to give an exact figure, von der Heyden did say that rents were between $35-$40 per square meter. Rents at most prime locations exceed $45 per square meter.
Price Waterhouse had been planning to go into the FIM Tower, but when construction stopped in December last year, they pulled out of negotiations. Currently PW is spread over five locations, and many agents had wondered where they would end up.
Von der Heyden took a patient approach to the development. Having acquired the land and planning permits, he had considered selling the project, taking a development fee for the preliminary work done and letting someone else take the project to fruition. There was no hurry, as von der Heyden was confident that the land would appreciate in value, even if the project were to be scrapped (WBJ June 2-9).
With Price Waterhouse signed on, the desire to sell out to another developer is waning.
"At the moment, I'm very happy to keep it, because it's a 100% project," von der Heyden explained. "There's no speculation to it at all. The banks are running in to meet me."
PZU wins ONZ
Polish insurer PZU won the tender for the 5,832 square meter plot of land at Rondo ONZ, across the road from where Ilbau is currently building the Ilmet complex. The insurance company will construct its headquarters at the site. The land was offered in a long-term lease (99 years). The starting price was zl. 16.1 million ($6.6 million).
EBRD announces FM financing
The European Bank for Reconstruction and Development is taking its commitment to distribution a step further with the financing of Parc Logistique, a logistics facility developed by Faure & Machet's subsidiary Societe d'Exploitation des Entrepots de Varsovie Sp. z o.o.
The center, located in Mszczonow, between Warsaw and Lodz, is being developed in three stages and will comprise 65,000 square meters upon completion. The first building went operational in July (WBJ Sept. 1-7).
Faure & Machet (FM), a leading French logistics company, decided to enter the Polish market on the back of Master Foods Polska Sp. z o.o., the local subsidiary of Mars Incorporated. FM handles distribution for Mars in France.
The EBRD will contribute ECU 8 million ($10.4 million) in debt and equity financing for the development of the logistics center. The entire project cost is expected to be ECU 23 million ($29.9 million).
The project is not the bank's first investment in distribution. Earlier in the year, EBRD together with Raiffeisen Zentralbank Osterreich approved a $7.8 million loan for the Warsaw Distribution Center, developed by the Kontrabecki Group (WBJ April 21-27).
Spotlight
October proved to be a good month for Prime Property. On the office side, the agency acted on behalf of Deutsche Telekom in the acquisition of space for a representative office in the Silver Tower at Plac Bankowy.
On the retail side, the agency acted on behalf of LIM J.V. in leasing space to Philadelphia-based currency brokers AYM at the LIM Galeria and found space for Telma Sp. z o.o. on Al. Jerozolimskie for a new Centertel sales center.
Outside of Warsaw, Prime Property put Mobil Oil into the Baltic Business Centre in Gdynia. All of the leases were for between 80-150 square meters.
The project is located in downtown Warsaw on ul. Nowogrodzka 68 at Plac Starynkiewicza (one block south of Al. Jerozolimskie). Construction is to begin in March 1996, with occupation scheduled for Dec. 1, 1997. The building comprises 4,250 square meters (net) office space, with parking for 58 cars. The project is developed by von der Heyden & Partners and Warsaw-based Wadeco.
As Price Waterhouse will be the sole tenant in the project, they had a free hand in helping redesign it to fit their needs.
"This is a unique building - their building. It's been totally reshaped to fit them," von der Heyden said. Price Waterhouse's real estate division will manage the building upon completion. While declining to give an exact figure, von der Heyden did say that rents were between $35-$40 per square meter. Rents at most prime locations exceed $45 per square meter.
Price Waterhouse had been planning to go into the FIM Tower, but when construction stopped in December last year, they pulled out of negotiations. Currently PW is spread over five locations, and many agents had wondered where they would end up.
Von der Heyden took a patient approach to the development. Having acquired the land and planning permits, he had considered selling the project, taking a development fee for the preliminary work done and letting someone else take the project to fruition. There was no hurry, as von der Heyden was confident that the land would appreciate in value, even if the project were to be scrapped (WBJ June 2-9).
With Price Waterhouse signed on, the desire to sell out to another developer is waning.
"At the moment, I'm very happy to keep it, because it's a 100% project," von der Heyden explained. "There's no speculation to it at all. The banks are running in to meet me."
PZU wins ONZ
Polish insurer PZU won the tender for the 5,832 square meter plot of land at Rondo ONZ, across the road from where Ilbau is currently building the Ilmet complex. The insurance company will construct its headquarters at the site. The land was offered in a long-term lease (99 years). The starting price was zl. 16.1 million ($6.6 million).
EBRD announces FM financing
The European Bank for Reconstruction and Development is taking its commitment to distribution a step further with the financing of Parc Logistique, a logistics facility developed by Faure & Machet's subsidiary Societe d'Exploitation des Entrepots de Varsovie Sp. z o.o.
The center, located in Mszczonow, between Warsaw and Lodz, is being developed in three stages and will comprise 65,000 square meters upon completion. The first building went operational in July (WBJ Sept. 1-7).
Faure & Machet (FM), a leading French logistics company, decided to enter the Polish market on the back of Master Foods Polska Sp. z o.o., the local subsidiary of Mars Incorporated. FM handles distribution for Mars in France.
The EBRD will contribute ECU 8 million ($10.4 million) in debt and equity financing for the development of the logistics center. The entire project cost is expected to be ECU 23 million ($29.9 million).
The project is not the bank's first investment in distribution. Earlier in the year, EBRD together with Raiffeisen Zentralbank Osterreich approved a $7.8 million loan for the Warsaw Distribution Center, developed by the Kontrabecki Group (WBJ April 21-27).
Spotlight
October proved to be a good month for Prime Property. On the office side, the agency acted on behalf of Deutsche Telekom in the acquisition of space for a representative office in the Silver Tower at Plac Bankowy.
On the retail side, the agency acted on behalf of LIM J.V. in leasing space to Philadelphia-based currency brokers AYM at the LIM Galeria and found space for Telma Sp. z o.o. on Al. Jerozolimskie for a new Centertel sales center.
Outside of Warsaw, Prime Property put Mobil Oil into the Baltic Business Centre in Gdynia. All of the leases were for between 80-150 square meters.
