Aberdeen Asset Management Deutschland AG has sold the Metropolitan office building in Warsaw to Deutsche Asset & Wealth Management for an undisclosed price. Cushman & Wakefield and JLL represented the seller in the transaction.
Metropolitan occupies a prominent position in the heart of Warsaw’s city centre on Pilsudski Square. It is one of the capital’s most prestigious and internationally renowned trophy office buildings. Constructed in 2003 according to Sir Norman Foster’s design, Metropolitan has received a number of prestigious awards, including the MIPIM Award 2004 in the Business Centre category, and RIBA Worldwide Award. The scheme was developed by Hines and received “Very Good” rating in BREEAM sustainability certification system in 2013, organized by Cushman & Wakefield, the building’s property and asset manager since 2006.
Metropolitan provides 38,000 sqm of leasable area (office: 33,560 sqm, retail: 3,655 sqm) arranged over seven floors grouped in three separate yet connected buildings, each with its own separate reception area, and two underground parking levels. The central courtyard of Metropolitan provides the social focus of the scheme and is lined with cafes, restaurants and luxurious stores. At its centre is an innovative water fountain surrounded by mature red oak trees. The property is let to 45 multinational companies and institutions, active in financial, legal, consultancy and real estate sectors.
Bernd Bechheim, Head of Asset Management and Transactions, Continental Europe of Aberdeen Asset Management Deutschland AG, said, “Metropolitan is a stunning building that has performed strongly over the holding period. The completed transaction proves again the quality of our portfolios and forms a major step in restructuring our business towards new mandates.”
Soren Rodian Olsen, Head of Office & Industrial Investments at Capital Markets of Cushman & Wakefield in Poland, commented, “Metropolitan boasts an impressive occupancy rate and is expected to continue outperforming its rivals on the Warsaw market. This is a unique investment transaction in a unique location within Warsaw’s CBD.”