News Article HB Reavis finalises sale of Gdanski Business Center
by Ákos Budai | Office

On 1 December 2016, international real estate developer HB Reavis and Savills Investment Management on behalf of a Global Pension Fund client, concluded the sale agreement of two of buildings within Gdanski Business Centre in Warsaw. In one of the largest transactions of the year in Poland and also in the CEE region amounting to €186 million, Savills Investment Management has acquired buildings A and B of the Gdanski Business Center, totalling 48,000 sqm.

JLL, Cushman & Wakefield and Greenberg Traurig advised HB Reavis on the deal. Savills, Clifford Chance and K+S Ingenieure advised Savills Investment Management.
 
Gdanski Business Center, comprising of four completed buildings (buildings C and D are still owned by HB Reavis), provides the Polish capital with nearly 100,000 sqm of Class A office space and is already home to a number of prestigious companies and institutions including KPMG, the Agricultural Property Agency, SNC Lavalin, Provident, WebInterpret, KMD, Agito, Bank BGZ BNP Paribas SA and insurance group Aviva.

HB Reavis has recently signed two major lease agreements for the office complex. The Polish branch of General Electric and Bank BPH, join as tenants in Building D, which opened in May 2016. This autumn, Gdanski Business Center tenants will be joined by General Electric International, which has taken over 2,750 sqm of office space, with an option to extend to an additional 1,350 sqm on the fourth floor of the building. Bank BPH also joined Building D, occupying almost 730 sqm. The international consulting firm CBRE assisted on both leasing negotiations.
 
“Increasingly tenants consolidate offices to better manage entity operations. Advantageous situation on the Warsaw office market today gives them an opportunity to choose a new building and arrange turnkey standard spaces without additional input”, added Paweł Dobrowolski, Senior Property Negotiator in the Office Agency Department, CBRE.