The company is also finishing preparatory work on its ArtNorblin multifunction scheme in the capital

Capital Park to launch Eurocentrum Office Complex in Ochota district

The company is also finishing preparatory work on its ArtNorblin multifunction scheme in the capital

Developer Capital Park will launch construction on its Eurocentrum Office Complex investment in Warsaw’s Ochota district in Q2 of this year. The scheme is scheduled to be completed in the second quarter of 2014.

The company, which bought the plot for the scheme in 2007, plans to develop an office project comprising almost 70,000 sqm of leasable space on the land.

The previous owner of the land planned a complex of several smaller office buildings for the plot, of which just one was completed. Capital Park has re-commercialized the existing facility and designed a new concept for the development of the rest of the property.

Eurocentrum Office Complex will be a 15-floor building offering over 67,500 sqm of office and more than 2,400 sqm of retail-service space. The development will feature sustainable solutions and will, according to the developer, be the largest LEED CS Gold-certified office scheme in Poland.

“We are in the process of selecting a general contractor for the investment. The planned date of the launch of construction is Q2 2012,” said Kinga Nowakowska, head of asset management, sales and marketing at Capital Park. She added that construction on the project is expected to take two years.

Commercialization of space in Eurocentrum Office Complex is already underway, with Imtech having already leased more than 7,000 sqm in the development. That transaction was one of the largest in the Warsaw market in 2011.

“We are in talks with many tenants whose names we cannot yet reveal as long as the deals are not finalized,” Ms Nowakowska said. She added that Capital Park had recently secured a preliminary financing decision from one of the largest banks in Poland.

ArtNorblin progress

Meanwhile, preparatory work is proceeding on Capital Park’s other major planned investment in Warsaw. The company’s ArtNorblin project in the Wola district has already received a planning decision from the City Hall, and the developer wants to apply for a building permit by the end of this year.

The investment will be built on a plot that formerly housed the Norblin factory. It aims to both revitalize the post-industrial area by renovating the plant’s buildings and machinery and develop modern structures with commercial space.

Work is still underway on devising a conservation program for the historical buildings that are located on the land. “Construction is scheduled to start in 2013 and finish in 2015,” Ms Nowakowska said.

ArtNorblin will comprise a total of over 61,000 sqm of space, including approximately 22,000 sqm of retail-service and cultural space and 39,000 sqm of office space. The investment will include a museum dedicated to the history of the Norblin factory.

According to Ms Nowakowska, the development is the most difficult investment in the history of her firm. She said that challenges included conservation issues, complex construction solutions, the combination of several functions in one project and integration of the scheme with the city.

Established in 2003, Capital Park is mostly engaged in the development of office and high-street retail space. The company’s property portfolio currently comprises 72 assets totaling almost 309,000 sqm of completed and planned space, more than 80 percent of which is located in Warsaw.

According to Emmerson Evaluation data, Capital Park’s property portfolio was valued at z?.1.12 billion as of December 31, 2010 and is expected to be worth z?.3.23 billion after the ongoing and planned projects are completed.

From Lokale Immobilia by Adam Zdrodowski

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The company is also finishing preparatory work on its ArtNorblin multifunction scheme in the capital