Tender for $75 million Europlex underway
The project will be constructed on the site of the Kino Moskwa, at the intersection of ul. Pu*awska (the extension of Marsza*kowska) and ul. Goworka in the upper Mokotow district of the city. Next door is the construction site of the headquarters for PKO BP, the state-owned savings bank. A general contractor for the $75 million Europlex should be chosen by the end of the year, and completion is due late in 1997.
The Europlex is unique in that it is the first project to be developed along the lines of a true urban shopping, office and entertainment complex - something akin to the Ko in Dusseldorf or Whitely's in London. The building will comprise 15,492 net square meters of office space (approximately the same area as the FIM Tower), 5,680 net square meters of retail (LIM Galeria, 2,200), and a seven-screen, 1,400-seat multiplex cinema, which will act as a magnet for the retail shops and restaurants.
Despite its diversity, the building was designed to make a clear distinction between the office and retail portions of the complex. The entrance to the cinema and the shopping mall will be from the heavily trafficked ul. Pu*awska, whereas the office entrance is from the rear, off ul. Chocimska. The building was designed by Vienna-based architect Tadeusz Spycha*a, who also prepared the plans for the Kolmex building, the Hotel Sheraton, and the Holiday Inn.
Establishing a clear plan for the leasing of the building will be key to the project's success, as the Europlex is being built in an area new to developments. "The most important thing is to get the concept right," said Michael Hodges, partner at Jones Lang Wootton. This means assuring a good mix for the shopping mall, including a butcher, a green grocer, jewelers, restaurants/bars, and clothiers. Because of the multiplex, it is also likely that entertainment retailers like Virgin Records or Disney would also be interested in taking space.
The trouble with some of Warsaw's other retail schemes is the lack of shopping variety. The LIM Galeria, for example, contains almost all high-end shops with little variety. Shopping centers like Arka may be easier on the pocketbook, but leave customers confused by the haphazard layout.
Hodges assures that won't be the case at Europlex. "Butchers may not pay as high rents as a boutique, but you need to have one there," Hodges explained. "Of course, you'll be able to buy a $200 dress or a $500 suit, but you'll also be able to buy a banana." Hodges added that the retail space will be fully pre-let according to a pre-determined tenant mix.
While this mostly residential area of Warsaw may have an established retail and entertainment base, the challenge in leasing the building could be on the office side. While many embassies are located in the immediate vicinity, there's no concentrated presence of companies in the area, and JLW's task will be to define what kind of users would find the space and location acceptable, and then convince them of the advantages of moving a bit farther south.
As far as public transport is concerned, the location is a mirror of Plac Bankowy, with trams and buses located only minutes away. Now that work on Al. Niepodleg*occi, ul. Marsza*kowska, and ul. Spacerowa has been completed, traveling by car is much easier. Also, the Pole Mokotowskie metro stop is about a 10 minute walk from the Europlex, down ul. Rakowiecka.
The building offers some of the largest floor plates in Warsaw, up to 2,577 square meters, with open floor plans for flexibility. There are also smaller spaces available on the upper levels, allowing an easier mix of smaller and larger end-user.
Because of these factors of location and design, Hodges said that one group of tenants they will target will be large end-users which do a lot of their business over the phone. An example would be investment banks like JP Morgan or CS First Boston. The project, however, is still in the early stages, and Hodges declined to comment on the financing of the project except to say that the developer will contribute equity to the project. Rents will be lower than some buildings in the city center and more expensive than office parks, but no concrete figures were given.
The Europlex is unique in that it is the first project to be developed along the lines of a true urban shopping, office and entertainment complex - something akin to the Ko in Dusseldorf or Whitely's in London. The building will comprise 15,492 net square meters of office space (approximately the same area as the FIM Tower), 5,680 net square meters of retail (LIM Galeria, 2,200), and a seven-screen, 1,400-seat multiplex cinema, which will act as a magnet for the retail shops and restaurants.
Despite its diversity, the building was designed to make a clear distinction between the office and retail portions of the complex. The entrance to the cinema and the shopping mall will be from the heavily trafficked ul. Pu*awska, whereas the office entrance is from the rear, off ul. Chocimska. The building was designed by Vienna-based architect Tadeusz Spycha*a, who also prepared the plans for the Kolmex building, the Hotel Sheraton, and the Holiday Inn.
Establishing a clear plan for the leasing of the building will be key to the project's success, as the Europlex is being built in an area new to developments. "The most important thing is to get the concept right," said Michael Hodges, partner at Jones Lang Wootton. This means assuring a good mix for the shopping mall, including a butcher, a green grocer, jewelers, restaurants/bars, and clothiers. Because of the multiplex, it is also likely that entertainment retailers like Virgin Records or Disney would also be interested in taking space.
The trouble with some of Warsaw's other retail schemes is the lack of shopping variety. The LIM Galeria, for example, contains almost all high-end shops with little variety. Shopping centers like Arka may be easier on the pocketbook, but leave customers confused by the haphazard layout.
Hodges assures that won't be the case at Europlex. "Butchers may not pay as high rents as a boutique, but you need to have one there," Hodges explained. "Of course, you'll be able to buy a $200 dress or a $500 suit, but you'll also be able to buy a banana." Hodges added that the retail space will be fully pre-let according to a pre-determined tenant mix.
While this mostly residential area of Warsaw may have an established retail and entertainment base, the challenge in leasing the building could be on the office side. While many embassies are located in the immediate vicinity, there's no concentrated presence of companies in the area, and JLW's task will be to define what kind of users would find the space and location acceptable, and then convince them of the advantages of moving a bit farther south.
As far as public transport is concerned, the location is a mirror of Plac Bankowy, with trams and buses located only minutes away. Now that work on Al. Niepodleg*occi, ul. Marsza*kowska, and ul. Spacerowa has been completed, traveling by car is much easier. Also, the Pole Mokotowskie metro stop is about a 10 minute walk from the Europlex, down ul. Rakowiecka.
The building offers some of the largest floor plates in Warsaw, up to 2,577 square meters, with open floor plans for flexibility. There are also smaller spaces available on the upper levels, allowing an easier mix of smaller and larger end-user.
Because of these factors of location and design, Hodges said that one group of tenants they will target will be large end-users which do a lot of their business over the phone. An example would be investment banks like JP Morgan or CS First Boston. The project, however, is still in the early stages, and Hodges declined to comment on the financing of the project except to say that the developer will contribute equity to the project. Rents will be lower than some buildings in the city center and more expensive than office parks, but no concrete figures were given.
