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Allianz Real Estate and Curzon Capital Partners III recently created a joint venture and purchased the Warsaw Financial Center for €210 million (USD $259 million).
The Polish commercial real estate property has 36 floors and stands more than 140 meters tall. It has close to 50,000 square meters of leasable area and more than 90 percent of the property contains office space. In addition, the building has more than 330 parking spaces in a six-floor parking garage. It is nearly completely leased and has tenants such as Google, General Electric, DLA Piper and Cameron McKenna.
"WFC is one of the highest quality office assets in Poland, which is the only major economy to have continued to expand throughout the economic crisis, and a market with strong fundamentals that demonstrates consistent investor demand and increasing liquidity," said Ric Lewis, CEO of Tristan Capital.
Tristan Capital Partners will oversee the property's asset management. Allianz Real Estate and Curzon Capital Partners III acquired the property from Pramerica Real Estate Investors and CA Immo, who held the property in a special purpose vehicle.
