Octava sold Obrzeżna Center office building to the Polish investor. Avison Young and Savills jointly represented the seller.
Obrzeżna Center is an office building located on 7 Obrzeżna St. in Warsaw, at the main junction of Mokotów Business District, which enables easy access to the city center by tram, bus or subway. The Chopin Airport is only 3 kilometers away. In the close vicinity there is shopping mall Westfield Mokotów and many other office buildings. The property offers ca. 10,000 sqm of total space, spread on 6 floors above ground. There are also both ground and underground parking spaces available to tenants.
The new owner is a Polish investor, who purchased the property with the further redevelopment plan and changing its function into PRS unit.
"For several years already we have been observing transformation of Mokotów Business District from business district, into a district with new and modern housing properties, hotels and restaurants which changed the character of this area. New infrastructure, enhancing commuting with other parts of the city is also important here. Obrzeżna Center is a great location for PRS unit due to its central location within district. Our technical advisors have analysed several buildings in terms of potential redevelopment into housing or PRS function. According to their examination, changing the use from office to residential in terms of technical aspects should not be problematic in many cases. Older office buildings often differ significantly in terms of standards from modern and energy-efficient class A office buildings. In this respect, converting them to a residential function may be more profitable than continuing to maintain increasingly less attractive and difficult-to-lease office space.” - comments Bartłomiej Krzyżak, Senior Director, Investment at Avison Young.
Avison Young jointly with Savills represented the seller. Penteris provided legal advice for the Seller throughout the process.
Octava Property Trust
Octava Property Trust (OPT) was created in 2014 to give its investors exposure to quality, income-generating commercial property, both office and retail, in Warsaw and major Polish cities, at values which will give the portfolio the resilience to weather all stages of the economic cycle. It is actively managed by Onyx Asset Management Sp. z o.o. (OAM).
OPT owns 18 income-generating properties in Poland, predominantly concentrated in Warsaw and the major urban areas - Krakow, Wroclaw, Upper Silesia, Łodź, Poznan and the Tri-City area.
In total the company owns almost 208 000 m² of GLA, of which 139 000 m² constitutes office and 69 000 m² retail space.
Avison Young
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. Headquartered in Toronto, Canada, Avison Young is a collaborative firm owned and operated by its principals. In the Central Eastern Europe and South Eastern Europe the firm is operating in Bulgaria, Czech Republic, Hungary, Poland, Slovakia and Romania, offering a broad range of consultancy services. In the Polish commercial real estate market, Avison Young is providing professional consultancy services such as office agency, investment advisory, valuation consultancy, technical advisory and project management.
Savills
Founded in the UK in 1855, Savills is one of the world's leading property agents. Its experience and expertise spans the globe, with over 40,000 people working in 700 offices located in 70 countries across the Americas, Europe, Asia Pacific, Africa and the Middle East. Savills offers a full range of professional advisory, management, and transactional services for all entities related to the real estate market.
