Madison International Realty acquires stake in flagship Warsaw office building

Madison International Realty has acquired a stake in the newly developed Chmielna 89 landmark office building in Warsaw’s CBD from the Cavatina Group. The acquisition values the project at over €100 million ($118 million).

Chmielna 89 is fully let to Poland’s largest bank and one of its oldest financial institutions, PKO BP, on a 10-year lease.

Located in the business center of Warsaw, Poland’s leading office market, between Chmielna Street and Aleje Jerozolimskie, the city’s main east-west artery, the 14-story building has a highly characteristic design resembling a giant crystal and creating an easily recognizable new landmark on the Warsaw skyline.

“Through this transaction we have secured a stake in a brand new landmark office in Warsaw CBD which is fully let on a long lease to [one of ]Poland’s largest and best known banks, PKO PB, at an attractive yield,” said Matthias Cordier, managing director at Madison International Realty. “We are st