The Warsaw office of Hines has announced that, on behalf of the firms Emerging Markets Fund I (EMF), it has sold Metropolitan, the seven-story office building designed by Lord Norman Foster, to Deutsche Gesellschaft für Immobilenfonds mbH (DEGI). Cushman & Wakefield represented the seller, and Jones Lang LaSalle represented the buyer.
We are pleased that Metropolitan is recognized as the premier office address by our tenants, and that it has now been acquired by a first-class institutional investor, said Mieczys aw Godzisz, managing director for Hines in Poland. We are happy to have retained the leasing responsibilities for the building, he continued.
Metropolitan is a premier property and a landmark deal for further diversifying our International Fund portfolio, said Malcolm Morgan, managing director of DEGI. The development incorporates all the key aspects of our investment strategy assets that offer long-term value due to their location, quality of design and the reliability and reputation of the developer.
Developed by Hines and designed by Foster and Partners of London, Metropolitan contains 398,000 square feet of space, including 37,000 square feet of retail space on the first level. The building is currently 75 percent leased, with a number of additional leases in advanced negotiations. Office tenants include: BNP Paribas, Dom Development, DZ Bank, HSBC and McKinsey. The retail and restaurant areas are 100% leased.
Metropolitan was voted the best office project at the 2004 MIPIM Conference in Cannes, Europes most prestigious real estate industry conclave.