Żywiec Group to exit the Puławska Financial Center
By : Anna Staniszewska
Last call: The nations No. 1 brewery Żywiec Group plans to vacate the Puławska Financial Center for the BCBW building in Ochota.
Żywiec Group has announced plans to move its Warsaw offices from the Puławska Financial Center to the Business Centre Bitwy Warszawskiej (BCBW) in the Ochota district.
The nations No. 1 brewer signed a contract last month for 4,200 square meters in BCBW, which is being developed by Belgiums Ghelamco Group. The 22,000 square-meter project, on ulica Bitwy Warszawskiej, is slated for completion next April, with Żywiec moving in the following month. The structure will consist of three blocks, each with its own entrance and high-speed elevators as well as round-the-clock security, raised floors and air conditioning. Tenants in the seven-story development will have one parking spot for every 34 square meters leased.
According to Żywiec representatives, while the Puławska Financial Center is a pleasant building to work in, BCBW better suits its needs.
Im very satisfied with this transaction, said Jeroen van der Toolen, deputy managing director of DTZ Zadelhoff Tie Leung, the agency in charge of leasing the building. (And) Im optimistic about leasing the remaining space quickly. He added that the projects quality, location and ownership would help to ensure its success.
Other property agencies, however, are more skeptical. Jerzy Wysocki, head of the office department at U.K.-based Knight Frank Nieruchomoci, said that if the expected increase in the supply of office space away from downtown Warsaw is taken into consideration, the absorption period of such a large-scale project might be longer than expected.
There are two competitive developments near Ghelamcos investment, namely NCCs Brama Zachodnia and Turkeys Eight Star, Wysocki said. There will be a problem with the number of square meters delivered to the market in the Ochota district in such a short period of time, and tenants are not very keen on massive projects. He warned that the majority of developments outside the city center may suffer from oversupply and as a result rents could fall significantly.
Even so, BCBW has scored an early victory over its competitors by landing Żywiec. Its a breakthrough and makes the building more credible, Wysocki said.
A minor drawback, he added, is that despite the buildings overall strong central location on ulica Bitwy Warszawskiej, its proximity to ulica Grójecka and Aleje Jerozolimskie will mean heavy rush-hour traffic for employees. Building access is not very good because the surrounding streets are always jam-packed, Wysocki said.
Taurus already half leased
The Taurus office building on ulica Domaniewska in Warsaw is 50% leased prior to its opening planned for this month, according to figures from DTZ, the agency marketing the project. Multinational Globe Trade Center (GTC) is developing the 17,900 square-meter building.
The latest deals were concluded with German pharmaceutical group Boehringer Ingelheim, which took 1,560 square meters in the project, and software company Legato, which will occupy 200 square meters. Other agreements were reached with German software giant SAP, Danish telecom company TDC and CapGemini Ernst & Young.
Taurus is a success considering current market conditions, said Adam Rejczak, a senior agent at the U.K.-based property consultancy Healey & Baker. He said an advantage of the building is that it belongs to the Mokotów Business Park complex, where a slew of companies have chosen to locate their headquarters.
Rejczaks only reservations were of access during rush hour, people are still stuck in traffic jams and that the floors are not raised, which is unusual for a modern office development. Apart from that, the building has very good technical conditions and has a big chance of becoming successful, he said.
Announcements
n U.S.-based CB Richard Ellis has been named the joint exclusive agent for the Platan Park II project, on Warsaws ulica Poleczki. The complex is expected to yield 25,000 square meters 9,500 square meters of office space and 15,500 square meters of warehouse space.
n Netherlands-based Eastbridge opened its Arkadia shopping mall in Opole last week. The outlet is the ninth by Galeria Centrum in Poland, previously known as Domy Towarowe Centrum (DTC). Eastbridge, which bought 70% of the treasury-owned DTC in 1998, invested zł. 12 million ($2.85 million) in the 3,159 square-meter, three-floor shopping center. Retail tenants include music and bookstore chain Empik, pharmaceutical retailer Superpharm, Rema supermarket and the Smyk toy store.
