07.31.2012 | Property Magazine International
2 Malachowskiego Square Kulczyk Silverstein Properties (KSP), a joint venture of Kulczyk Real Estate Holding and Silverstein Properties (SPI), has been expanding its portfolio. In July 2012, the company acquired two high class office buildings from Hochtief Development Poland. This is the second transaction of KSP after the acquisition of the Stratos Office Center in August 2011 [we reported]. Create an email alert for: Kulczyk Silverstein Properties (KSP) Hochtief Projektentwicklung Silverstein Properties Inc. (SPI) Kulczyk Investments (KI) Hochtief Development Poland Hochtief Development Poland Kulczyk Silverstein Properties (KSP)
The first building is located in an attractive part of the capital city - at the Malachowskiego Square - in the vicinity of the Victoria Hotel and the Zacheta Gallery. The building was designed by Jan Heurich and erected in 1910. Originally its destination was to house the library and art collection of the Krasinski family, however during the construction, the building was acquired by Count Edward Raczynski who decided to use it as an elegant urban tenement house with a store situated on the ground floor. Following the World War II, the building was converted into the headquarters of the Polish Post Office. Due to the historical and architectural value, the property is under the supervision of the monument conservator.
Ultimately, the Malachowskiego property will be comprised of an existing office building with 5,000 sq m and a newly constructed adjoining building located on Traugutta Street with the space amounting to 7,600 sq m, as well as retail and storage area with 1,500 sq m. Additionally, for the tenants and their guests, there will be available 100 underground parking spaces. Currently, the building is under comprehensive renovation and redevelopment, which will adapt it to the highest standards. The property will offer modern infrastructure i.a. raised floors, suspended ceilings, BMS and HVAC system. The renovation is expected to be completed in mid-2014.
The second building is a historic 4-floor property with 3,000 sq m of commercial space located in central Warsaw at the intersection of Swietokrzyska and Mazowiecka Streets. For several years, the building served as the headquarters of Wydawnictwa Naukowo -Techniczne. The façade of the building is under the supervision of the monument conservator.
The property offers 2,250 sq m of office and 750 sq m of retail or service space located on the ground floor and the entresol. Currently the building is under comprehensive modernization. By its completion - expected in August 2013 - the property will offer the highest A class standard.
The two new investments fall closely in line with the KSP strategy of creating a portfolio of commercial properties in the best locations of the largest cities of the CEE region.