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Echo Investment sold Gatehouse Offices at Warsaw Brewery for 76.8 million EUR

A fund managed by GLL Real Estate Partners has acquired Gatehouse Offices – an office building constructed by Echo Investment at Warsaw Brewery complex, with the space leased by such companies as L’Oréal Polska, WeWork, Epam Systems Poland and Sony Interactive Entertainment Polska. The parties signed a preliminary agreement in November last year.

The Gatehouse Office building is located at the intersection of Grzybowska and Wronia streets in Warsaw. It has 11 floors and 15,700 sqm GLA. The occupancy permit was obtained in December 2018 and its anchor tenants, L’Oréal Polska, WeWork and Epam Systems Poland, all moved in by the end of last year. Sony Interactive Entertainment Polska will soon occupy the last floor of the building, while ground floor will be leased by Hebe beauty store and a restaurant. This means the building has reached a 100% occupancy within just 3 months after opening.

”We are happy that GLL Real Estate Partners and tenants appreciate our strategy of creating destinations, mix-used parts of the city where people can live, work and entertain,” says Nicklas Lindberg, CEO at Echo Investment.

”The first office building at Warsaw Brewery not only enjoys the perfect location but can also be distinguished by its modern design, comfortable working space as well as its living roof with green terraces. GLL Real Estate Partners saw its value already during the construction when we signed the preliminary sale agreement. Other buildings at Warsaw Brewery enjoy a similar degree of interest among tenants and investors,” adds Rafał Mazurczak, Echo Investment’s Board Member responsible for office segment.

Echo Investment is already developing other office buildings of Warsaw Brewery – Villa Offices and Malthouse Offices. The first one has already been leased by WeWork, looking for additional space. Thanks to it, Warsaw Brewery will host one of the largest co-working spaces in Poland for over 3,000 employees.

Warsaw Brewery is an area between Grzybowska, Wronia, Chłodna and Krochmalna streets, which Echo Investment will reweave into the urban fabric. It will be a new urban quarter, open to all, formed by a potpourri of residential buildings, office buildings and public squares, rest and recreation places, cafes, restaurants and shops.

The project comprises c.a. 110,000 sqm of usable space: almost 600 apartments for sale, 450 apartments for rent, as well as historical cellars and a brewhouse, with restaurant and entertainment zones. The undoubted advantages of this place also include the proximity of the centre of Warsaw, a metro station and good public transport connectivity.

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