Kulczyk Silverstein Properties has sold Ethos, class A office building, located at the heart of Warsaw, to a Credit Suisse Asset Management real estate fund. This newly redeveloped complex, awarded with BREEAM “Excellent” certification, offers c.17,700m² of office and retail space altogether. Ethos is located in the prestigious and sought-after office area, at Plac Trzech Krzyzy. Retail high street space is leased by luxury brands and will also accommodate premier Italian fashion brands. Ethos also hosts first in Poland Michelin Star restaurant. The purchase price was not disclosed.
Edgar Rosenmayr, CEO of Kulczyk Silverstein Properties, commented: "Ethos is well-recognized not only on the Warsaw office market but recognized as a city landmark and meeting point. Two years ago Ethos underwent modernization and comprehensive reconstruction, thanks to which it now appeals to the highest international building and environmental standards. The tenants appreciate its unique location and outstanding quality which only proves that prestigious modern spaces in Warsaw City Center are greatly valued. We are thrilled that a building of this significance was acquired by a real estate fund of Credit Suisse Asset Management.”
Przemysław Lachmaniuk, Director – Investment Properties at CBRE Poland, said: "The Sale of Ethos demonstrates once again that Warsaw has established itself among the truly core markets of Europe. Unlike most core markets, however, it is the rental growth potential and development of this booming city which sets it apart from most Western European Capitals. It is one of the only core markets in Europe where investors are able to secure prime product leased to blue-chip tenants at attractive yields with significant upside potential. Ethos’ unique mixture of best in class grade A offices and flagship retail space, situated in the Polish Capital’s most prestigious location will ensure it retains its timeless position on the market.”
Michał Cwiklinski, Principal, Managing Director Poland at Avison Young, said: "The sale of the building proves, that great location together with an effective refurbishment and a good choice of tenants guarantee market success. Currently, we observe in Warsaw increase of investors’ interest in prime buildings; as the supply of such assets is limited, we might expect their further value increase.”