Starwood Acquires Quattro Business Park in Poland
- Dec 09, 2014
Global private investment company Starwood Capital Group has acquired the 500,000-square-foot Quattro Business Park in Krakow, Poland on behalf of Starwood Distressed Opportunity Fund X.
The terms of the transaction have not been disclosed, according to a news release. Earlier this year, the Greenwich, Connecticut-based company acquired two premier office properties in Warsaw and one in Katowice, from real estate developer Ghelamco.
“We look forward to making additional investments in burgeoning markets such as Poland’s regional cities, as Starwood Capital Group continues to expand its presence in Europe,” said Keegan Viscius, vice president of Starwood Capital Group, in the news release.
Located in Krakow’s Prądnik Czerwony District at Gen. Bora-Komorowskiego Avenue, Quattro Business Park is comprised of four 14-story office buildings totaling 500,000 square feet of gross leasable area and 1,128 parking spaces. Currently 97 percent occupied, the premier business complex is home to high-ranking international corporations such as Google, Samsung, Oracle, Citibank, Capgemini and FedEx.
Designed by Kurylowicz & Associates Architecture Studio, Quattro Business Park offers tenants easy access to the city center and main railway station, as well as popular shopping and leisure destinations such as the Krokus Shopping Centre and Aqua Park. Quattro Business Park features state-of-the-art amenities such as VRV cooling and heating systems, suspended ceilings, raised floors, high-speed passenger lifts, 500-LUX lighting and glass facades. Three of the complex’s office buildings have received BREEAM Very Good certification, while the fourth has been awarded BREEAM Excellent designation.
“We are pleased to invest in top-quality office space in a premier location within one of the strongest office markets in Poland,” added Viscius. “Poland has proven to be a magnet for multinational corporations attracted by its highly skilled labor force, central European location, modern infrastructure, stable political and economic environment, and cultural compatibility.”
According to a press release, Starwood Capital Group was advised on the property purchase by CBRE, received legal advice from Dentons and technical advice from Turner & Townsend. Financing was provided by Bank Pekao.