As announced at the beginning of the year, the sale of Le Palais Offices in Warsaw to the IVG Warsaw fund has now been concluded successfully. Roughly eight months after the completion and opening of the property, the transaction closing took place today. The total purchase price for the property was €31 million.
“The storied history of the Próżna buildings and the entire area made the renovation project a very unique challenge. Despite the strict historical monument preservation requirements, our team was able to renovate the building in just eighteen months. And now we have brought this demanding development project to a successful conclusion,” said Franz Jurkowitsch, CEO of Warimpex, enthusiastically.
The Le Palais Offices in Warsaw
Le Palais Offices is located in the central business district of Warsaw on the corner of Próżna Street and Grzybowski Square. The property offers 5,300 m² of class-A office space, and 1,300 m² of retail and underground club space. More than 85% of the office space has been leased to several high-profile tenants, leaving only some 600 m² of office space for leasing. All major retail units on the ground floor have been leased as well.
The development project covered the restoration and modernization of the historical buildings and the extension of the complex with a new structure. Warimpex worked closely with the conservator’s office and city authorities to complete this unique and culturally important property.
In January 2013, Warimpex was distinguished with two CEE Quality Awards for 'Best Office Development' and 'Best Overall Development' as well as with the highly coveted Stool Prize of the daily newspaper Gazeta Wyborcza for its development of the Le Palais. The latter award is given to institutions or persons who have a major influence on the lives of the people in Warsaw and who make a positive contribution to the development of the city.