Amstar Pays €63M for Zlota 44 Luxury Residential Tower in Warsaw, Poland
- Sep 04, 2014
Warsaw, Poland—Denver-based Amstar Global Advisers recently announced the purchase of Warsaw’s iconic Zlota 44 residential tower in an off-market transaction. Amstar is partnering with Poland-based developer BBI Development to complete the project. The purchase of the 52-story property located in downtown Warsaw marks Amstar’s first venture into Polish territory.
“Amstar has been monitoring the Polish market for several years due to the country’s well-balanced growth and economic stability,” says Jason Lucas, president, Amstar Global Advisers. “The off-market acquisition of Zlota 44 was the ideal opportunity to acquire a high-quality project at a significant discount to replacement cost.” Amstar and BBI Development purchased the property from Luxembourg-based Orco Property Group, the tower’s original developer. Jeff Stonger, Amstar vice president, will manage the project in Warsaw, with support from Amstar’s Denver, London, Kiev and Istanbul offices.
Designed by Polish-born American architect Daniel Libeskind, Zlota 44 is the tallest residential tower in the European Union. The building was named after its pre-World War II address, Zlota (Golden) Street, and is located right in the heart of downtown Warsaw.
“Zlota 44 is a project close to my heart and it has been a true honor to build in my home country”, says Libeskind. “I am confident that the new investors will bring revived energy to successfully complete this project, which has already become a symbol for the future of Warsaw.”
Construction on the project began back in 2007, but the developer’s financial difficulties delayed its completion. At the end of 2013, the project was deemed a failure and Orco sought to sell the property as quickly as possible.
Upon completion, Zlota 44 will become Warsaw’s third tallest skyscraper, and will feature 266 luxury residential units, 288 parking spaces, fitness and business centers, cinema, indoor pool, a wine cellar and an observation deck. The premier residential community will also feature 24-hour concierge service and elegant open living spaces with floor-to-ceiling windows and panoramic views of the city.
Zlota 44 is conveniently located next to the Palace of Culture and Science—Poland’s tallest building—the Golden Terraces shopping and service center, Hotel Intercontinental and the Warsaw Financial Centre, as well as other premier retail, office and fine dining destinations.
“We look forward to applying our hands-on development capabilities to complete the project and believe our efforts will establish Zlota 44 as the preeminent residential address in Poland,” says Lucas.