The Warsaw office market saw the sale of two office buildings in the Lixa complex in Warsaw. The properties were acquired by the South Korean fund Hana Investment Co. Ltd, represented by Commerz Real. The Buyer was advised by the lawyers from the law firm Baker Tilly Woroszylska Legal and experts from TPA Poland.
Lixa is a complex of office buildings located next to Rondo Daszyńskiego in Warsaw, resembling a university campus around the courtyard in the form of a garden.. The transaction involved the sale of two independent buildings with a total office space of 28,000 sqm and 410 parking spaces in underground garages.
Finalising such an important transaction, especially in the market conditions still changed due to the pandemic, has been quite a challenge. For that reason, investors choose proven advisors who have not only the appropriate knowledge but first and foremost market experience.
“When selling or buying real estate, it is not only necessary to painstakingly prepare a huge number of documents, but also to consider numerous legal aspects. Every little detail is essential for the agreement to be effective and for the transaction to be properly conducted and finalised. Our team has been working with clients from the real estate industry for many years, so we know almost naturally which elements of contracts are extremely important or sensitive,” said Katarzyna Woroszylska, Managing Partner at Baker Tilly Woroszylska Legal.
Market experts point out that it has been one of the largest deals in the history of the Polish office market.
“The process of selling such an important building complex required exceptional attention and detailed analyses. As transaction advisors, we were responsible for the smooth closing of the forward funding transaction, while our law firm Baker Tilly Woroszylska Legal provided comprehensive legal services. This has been another project undertaken together with the law firm belonging to our group and yet another proof that clients expect a multidisciplinary approach from their advisor. We would like to thank our clients for their trust and the sellers and their advisors for effective cooperation on the project,” commented Małgorzata Dankowska, tax advisor, Partner responsible for the Warsaw tax division and real estate team of TPA Poland.
It is worth adding that the anchor tenant in the sold buildings is BNP Paribas, whose head office (22,000 sqm) takes up the entire largest building of the Lixa complex. More premises in the smaller of the office buildings will soon be leased, among others, by the Solenis company, as well as the developer himself, who is moving his headquarters to the flagship project in the vicinity of Daszyńskiego Roundabout.
The two office buildings are not the final stage of the project. Another one, with an area of 20,000 sqm, is to be completed next year. The courtyard in the form of a garden between the buildings will provide over 3,200 sqm of greenery.
The Lixa project is to be certified under the international BREEAM system, confirming the effectiveness of the solutions used, which are in line with the philosophy of sustainable building. The expected rating is Excellent.