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The Warsaw Voice » Real Estate » September 4, 2016
Real Estate
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Non-Corporate Human-Scale Architecture- Park Avenue
September 4, 2016   
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Yuval Ben Ari, representing Park Projects Group, a developer active on the Polish real estate market the last 15 years, talks to the Voice.

The office space market in Warsaw is not an easy one. The vacancy rate in the city exceeds 15 percent, and no wonder because the new supply of office buildings in the city has never been so high. In the first half of the year, 16 large-scale office buildings were completed, including the Warsaw Spire, Q22, Atrium 2 and the Prime Corporate Center. Is there still room for newcomers?
Today, when all the high standards with modern IT and telecommunication systems, detailed finishing, effective use of adjustable space, are just obvious in the highest quality office investment, there is at least one factor that makes a new office building an outstanding offer: a unique location. We have it. There is no such site available in Warsaw like Wspólna 70. With this address you are not only in the very center of the city; you are located at the connection point of some of the most important transportation routes in the city with easy access to any place in Warsaw by any means of transportation. Whether by car or city transportation, or even by bike, you will get here and from here easily, quickly and comfortably. The very best part of the quality office space in Warsaw is available far from the city center and the main communication routes. But with the Park Avenue project the situation is much different; you are in the very heart of the city. People who will work in this building will also be able to easily plan their shopping or leisure time after work. Why? Because we are not talking about another business or office center in the city but about the very real heart of it. A perfect location for a five-star Class-A office building.

Park Avenue will be the best quality Class-A five-star office building in the prestigious area around the Marriott and Hampton by Hilton hotels. This unique project, designed by JSK Architects, will be delivered to market in mid-2018. At the moment, Warbud SA is working on the underground levels.

Why should tenants choose Park Avenue instead of those offered by your competitors, even if those are not located so perfectly but still within the Central Business District of the city?
We are aware of the strong competition in the Warsaw office market as there are a lot of new projects under way in the Central Business District. Potential tenants have multiple choices but the final decision is going to be taken based on the most important factors like location with full transportation convenience, excellent standard and cost efficiency.

Park Avenue is going to be a special, non-corporate office building. It will offer 14,000 square meters of modern A-class office space located in a 15-floor-high tower and its adjacent seven-floor-high low-rise building in the best location in the central part of the city. But what makes it even more unique is the niche of the market we decided to dedicate it to. Park Avenue is going to be a perfect choice for those clients who would like to be located in the city center, however not in a big skyscraper but in a building where non-corporate character is an added value. What’s more, we do not focus on big space leases, which is a quite standard approach among office space developers and administrators. We await even those occupiers who will look for 150- or 200-sq-m space. Still, we offer them the highest standard working conditions, with the latest technology, maximized efficiency, reduced costs and increased comfort levels. We are open to negotiations since we believe there is a need for an individual approach. This kind of attitude is fair and will give us an even more competitive position. Our non-corporate-style building will accommodate firms that appreciate its location, human-scale architecture, unique character and high standard of finishing, but also an individual approach.

Construction work on Park Avenue Wspólna 70 started in July, with the facility due to open in mid-2018. Don’t you need an anchor tenant for the building right now?
Not really, we have already leased 1800 square meters and we do not focus or looking for the big client. Why? Because we do not focus on big tenants at all. We are looking rather for potential tenants who will understand the uniqueness of the project and our philosophy of providing a friendly, human-scale office facility with a prestigious location in the very center of the Polish capital.

What is special about Park Avenue? We welcome the small or medium-sized clients who usually, if lucky, are offered the “left-outs,” or premises that giant tenants left in the buildings. Those companies are simply losing potential exposition and their importance in big office buildings among the big fishes. What we intend to do is fill a market niche by offering them dedicated, price-effective, state-of-the-art office space with the best possible, prestigious address in the city.


Quality in the Heart of Warsaw

The construction of the Park Avenue office building began in Warsaw in July. The prestigious five-star, class-A office building will be located at 70 Wspólna Street in the very center of the Polish capital, near the city’s Central Railway Station and the Marriott and Hampton by Hilton hotels. The first tenants will be able to move into the building in mid-2018.

The building’s modern design, by the renowned architectural studio JSK Architekci, enables easy arrangement of office space. Openable windows and daylight in every room; minimized common space; seven fast elevators with very short waiting times; individual design for every tenant; charging stations for electric cars in the underground parking garage; Showers facilities with parking for bikes etc. these are just some of the amenities that Park Avenue has to offer.

The L-shaped building will consist of two interconnected units of seven and 15 floors, with specious terraces. They will create a natural corner facing the courtyard of the neighboring facility and thus providing a local cozy space. The facility will offer a wonderful view on a nearby park as well as on St. Barbara’s Church, the Marriott Hotel and the Z³ote Tarasy shopping center. All this makes it a unique location in the very center of the city.

In addition to its perfect location and access to a range of amenities in the neighborhood, the project offers an interior design meeting the needs of individual tenants as well as numerous office layout possibilities, fast internet connection, and spacious terraces on the roofs. There is also a modern, highly-efficient air-conditioning system controlled from every room, combined with energy-saving features, and much more.

The first floor of Park Avenue will house an elegant two-level lobby with a business lounge and café as well as retail and service section. Around 1,400 square meters of office space is available for lease in the lower part and around 510 sq m in the upper part.

Leases in the building will start from around 200 sq m, perhaps even 150 sq m, an arrangement rarely seen in other class-A office buildings in the city. As a result, Park Avenue will fill a niche in the Warsaw real estate market.

Investor:
Park Avenue 2010 Sp. z o.o.
tel. +48 22 329 11 76
e-mail: office@parkavenue.com.pl
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