Bank Millennium S.A. has extended its more than 18,900 sq m office lease in Millennium Park in Warsaw owned by Commerz Real. Cushman & Wakefield, a global real estate services firm, advised the tenant. The landlord was represented by Savills. It is the largest lease transaction signed in the office sector in Poland in 2017 closed so far.
Millennium Park is located on Stanislawa Zaryna, a street on the southern edge of the Central Business District noted for its excellent links to public transport services. In the immediate vicinity is Pole Mokotowskie, one of the largest parks in the centre of the Polish capital.
Bank Millennium is a nationwide bank, offering its services to all market segments via a network of branches, individual advisors and electronic banking. Since the very beginning the bank has been guided by a vision of building a modern institution, drawing on the best banking tradition and successfully competing in all segments of the financial market. Its strategic shareholder is Banco Commercial Portugese (Millennium bcp), Portugal’s largest commercial bank.
Roland Holschuh, a member of the Board of Managing Directors of Commerz Real, said: “Lease agreements on this scale and with this very long term are very rare in Warsaw.”
Paulina Misiak, Partner at Cushman & Wakefield, said: “A stay decision made by the Bank Millennium addresses the core project priorities, namely the comfort of the Bank’s employees resulting from optimum location and quality of Millennium Park for head office operations. We are delighted we could participate in the Bank Millennium headquarters project yet again.”
Commerz Real is a subsidiary of Commerzbank AG with more than 45 years of market experience and approximately 32 billion euros in assets under management. The company combines comprehensive know-how in asset management and a broad-based structuring expertise to deliver. The fund spectrum includes the open-ended real estate fund hausInvest, institutional investment products as well as entrepreneurial participations in real estate, aircraft, regenerative energy and ships.