Globalworth, the leading office investor in the Central and Eastern European region, has signed a contract to sell the Warta Tower office building in Warsaw to a company from the Cornerstone Investment Management platform. The value of the transaction has been set at over EUR 63 mln.

Warta Tower is one of the most recognisable and iconic office buildings in the city. It comprises over 33,000 sqm on ul. Chmielna in Warsaw’s central business district.

“By finalising the sale of the Warta Tower office building we have achieved another important goal of our strategy. The core of our operations is to offer modern office space in buildings that stand out in a competitive environment with the highest quality work space on offer. One important positive point to make is that the sale was for a higher figure than the book value and improvement of the parameters of the portfolio of properties remaining in the Globalworth Group. Is a great success for us to sell such a prestigious office building in a top Warsaw location in consideration of the disruption on the office market. At the same time, I am convinced that the experienced team on the buyer’s side will be extremely successful when it undertakes the building’s reconstruction and recommercialisation,” says Łukasz Duczkowski, the Head of Investments and Special Projects at Globalworth Poland.

“We are pleased to have finalised the acquisition. Our concept to renovate Warta Tower will not only include modern design solutions that meet the latest standards but will also focus on implementing an ESG strategy that will allow us to create a mark on the office map of Warsaw. We plan to complete the modernisation in 2025 . The solutions we are to use will meet the demands of companies looking for new office space; they will be cost effective and also meet the highest standards of sustainable development thus acquiring all the necessary certificates. The new tenants we have, who have already announced that they intend to move into Warta Tower, are extremely interested in the solutions we are to use as well as the ESG aspects of the building. The fact that companies have already made such declarations shows us that our project is going to be a strong competitor on the office market,”  comments Przemysław Pikus, a Partner at Cornerstone Investment Management.

During the sale, Globalworth received legal advice from the Rymarz Zdort legal firm as well as financial and accountancy advice from Baker McKenzie. The purchaser was represented by Dentons, Colliers International, MDDP (for financial and accountancy advice) and Savills (technical advice).

Warta Tower comprises around 33,700 sqm of leasable space. One of the features that makes it stand out is the interesting design of its lobby. Its construction allows for the free arrangement of the space and its extensive glazing provides excellent access to natural light. The 21-storey building provides a modern, comfortable and flexible working environment. The tenants have almost 560 parking spaces at their disposal. Warta Tower is one of the most recognisable office buildings in Warsaw. It is located on ul. Chmielna near Aleje Jerozolimskich, which is one of the main arterial roads in the city.

Cornerstone Investment Management was founded by Przemysław Krych in 2001 and is a company that manages private equity investments with a portfolio of assets worth EUR 7 bln. Because of our experienced team of experts, the company provides high rates of return in the fields that it invests in including corporate private equity, private debt and private equity real estate. We use our extensive knowledge and the abilities of our team to unblock situations and create exceptional returns for our investors. The company’s investments cover many different sectors including real estate, IT outsourcing, cable operators, renewable energy, healthcare, groceries, green metals, animal healthcare and financial services. We have made investments in Spravia, Elemental, Okechamp/Lutece, Luxmed, Avenga, LuxVet Group, ProService Finteco, and these companies demonstrate the diversity of the sectors and industries that Cornerstone Investment Management has invested in.