Kulczyk Silverstein Properties (KSP) has acquired Holland Park, an office building situated in the center of Warsaw. This asset is the fourth prime addition to KSP’s portfolio.
Kulczyk Silverstein Properties (KSP)–a joint venture of Kulczyk Real Estate Holding and Silverstein Properties–purchased Holland Park from a fund managed by CBRE Global Investors. Total office space of the building amounts to 10,416 m². The building comprises 1,418 m² of retail space as well as 108 underground and surface parking spaces. Presently the building is fully let to tenants including ING Bank the anchor tenant in the property, and its affiliates which occupy 81% of Holland Park, as well Bausch & Lomb, IFIS Finance and W. Kruk.
Characteristics of the investment
Holland Park was developed by ING Real Estate Development and completed in 1998. The building is located in a prime area of CBD–Three Crosses Square–in the close vicinity of the Warsaw Stock Exchange, Sheraton Hotel, Polish Parliament, Governmental buildings and is a part of the city’s “Royal Route”. The property consists of two buildings - a six story tall main building, and a lower one, known as Piano. The location in the heart of Warsaw provides tenants with direct access to Central Railway Station, bus lines, underground and trams.
“Holland Park, along with Plac Maùachowskiego, will become a flagship asset in KSP’s portfolio. Utilizing the prime location of Holland Park, KSP aims to refurbish the building which will significantly reposition the asset to a trophy standard. KSP’s goal is the repositioning of the property and setting a benchmark to the highest standards adopted in CEE market” - states Piotr Krawczyñski, board member of KSP.
Repositioning and ‘green certificates’
KSP intends to refurbish, extend and reposition Holland Park. The main repositioning feature of the process will be the reconfiguration of the ground floor retail which will significantly increase its size. The works will include BREEAM certification for the existing building and the new build extension. KSP has commenced the process of achieving green certification for all buildings which are currently managed by the firm. Certification of buildings will become a standard feature for KSP in each of the realized and managed projects.
“KSP’s strategic goal is to provide the highest quality projects to the market, whether they are development projects or those requiring renovations. We pay attention to environmental issues in all our projects. We want each of our buildings to guarantee to our tenants a superior working environment, which is not only prestigious and comfortable, but also functional and sustainable” – emphasizes Edgar Rosenmayr board member of KSP.
The value of the transaction will not be made public.
Source: Kulczyk Silverstein Properties
