Wolf Marszałkowska leads the pack
Construction of Wolf Immobilien Polen's third office-property development in Warsaw, situated at the intersection of ul. Marszałkowska and ul. Żurawia, will soon get underway. The prominent location has fallen into a state of neglect over the years and currently stands vacant. The Wolf Marszałkowska project calls for a complete revamping of the 2,116-sqm plot and surrounding area, and the construction of a state-of-the-art office building.
Wolf Marszałkowska intends to become the most modern office building on the block. Its prime location in the central business district makes it a highly-attractive investment. A number of other high-profile properties neighbor the plot, such as PKO Bank, Kredyt Bank, BPH PBK Bank, Hotel Forum, the Treasury Ministry and the Palace of Culture. Construction will begin this year and is expected to reach completion by the middle of 2009.
Many hope the development will bring commercial activity back to the area, since a number of retailers have abandoned their individual outlets in the center in favor of bigger and more modern facilities in shopping centers.
"The reality is that most sites in the city center cannot meet the expectations of top retailers, particularly high-fashion brands. Many buildings are in dire need of renovation and often lack management structure. All of this has worked to push retailers into big shopping centers. However, an increasing number of brands are re-evaluating the globally recognized prestige of 'high streets' in the sector," says Magdalena Stępkowska, an investment specialist at Emmerson.
"Wolf Marszałkowska will doubtless provide these firms with the opportunity to establish themselves in a prominent location in Warsaw's center," she opines.
Wolf Marszałkowska will offer 3,361 sqm for retail and service outlets. Offices will occupy at least half of the 25,095 sqm in total usable floor area distributed over 17 storeys - 12 above-ground and five below.
Construction materials include slate and glass facades, quartz floors and exotic wood. The building will also be equipped with the latest in infrastructure and building-management systems, including access control, security monitoring, emergency alarm systems and lethal-gas detection. The air-conditioning system provides independent temperature controls for offices based on a 22-26ºC range. The facility will have its own water-conditioning station and two power generators.
The architects working on the project are Warsaw-based APA Kuryłowicz and Associates (APAKA), also responsible for the design of the Wolf building on ul. Franciszka Nullo, near Warsaw's Pl. Trzech Krzyży. APAKA will also be responsible for supervising the building's construction.
Wolf Marszałkowska is an entity created in 2002 by the Wolf Immobilien Polen capital group for the management of the investment. It has seven shareholders with a Polish majority stake. Wolf Immobilien Polen's first investment in Warsaw was Wolf Zielna, constructed in 1998. The company's next investment will be a modern 11-storey-department store on ul. Bracka; however, there is no timetable as yet for the development of the property.
