Warimpex Finanz- und Beteiligungs AG has successfully completed the construction works of Le Palais office building in Warsaw. The property is located on the corner of Prózna Street and Grzybowski Square in the Central Business District (CBD) of Warsaw.
It provides approximately 5,300 m² of prime, grade A office space plus retail space on the ground floor, and has attracted renowned tenants. More than 75 % of the office area has already been successfully let through the real estate services firm Jones Lang LaSalle.
Only around 450 m² of office space as well as some of the retail and restaurant/bar space on the ground floor and in the basement are still available. "The rich history of Próýna tenements and the whole area made this a unique and challenging reconstruction project. Despite the many requirements imposed by preservation order, the renovation of the building could be implemented by our team in an actual construction period of one and a half years," said Franz Jurkowitsch, CEO of Warimpex.
The development covered the restoration and refurbishment of historic buildings along with the extension and expansion of the complex with new construction. Warimpex worked closely with the conservator and city authorities to complete this exceptionally unique and culturally important property.
Warimpex intends to sell the Le Palais office building to an international institutional investor. A preliminary sales agreement has been signed already. The closing is expected around mid-2013.