WARSAW and NEW YORK, 17 September, 2020 — Madison International Realty, a leading real estate private equity firm, announces that it has acquired a stake in the newly developed Chmielna 89 landmark office building in Warsaw’s CBD from the Cavatina Group. The acquisition values the project at over €100 million.

Chmielna 89 is fully let to Poland’s largest bank and one of its oldest financial institutions, PKO BP, on a ten-year lease.

Located in the business centre of Warsaw, Poland’s leading office market, between Chmielna Street and Aleje Jerozolimskie, the City’s main east west artery, the 14-storey building has a highly characteristic design resembling a giant crystal and creating an easily recognizable new landmark on the Warsaw skyline.

The building offers over 25,000 sqm of grade A new office space and is fitted with a number of features to promote occupier wellness including 2.8m windows to allow for maximum daylight, state of the art air conditioning systems, 11 lifts and a series of distinctive green terraces providing 370 sqm of outside space. The office accommodation is served by 644 sqm of ‘in-house’ amenities on the ground floor, including retail dining and café areas.

The building is further served by 122 parking spaces across two underground levels in addition to its excellent public transport connectivity and proximity by foot to many residential areas.

Chmielna 89 has been awarded a BREEAM excellent certificate and its sustainability and design credentials were further recognised at the 2018-2019 International Property Awards in London. where it received the “Best Office Development in Poland”, “Best Office Development in Europe” and “Best International Office Development” awards. In 2020, the building was awarded in the Property Design Awards competition in the category: office building.

Matthias Cordier, Managing Director at Madison International Realty commented on the investment:Through this transaction we have secured a stake in a brand new landmark office in Warsaw CBD which is fully let on a long lease to Poland’s largest and best known banks, PKO PB, at an attractive yield.  We are strong believers in both the strength of the prime Warsaw office market and, more generally, the important role we believe the office will continue to play in the daily working lives of people post COVID.  This acquisition further extends our Polish portfolio, following our purchases of a c66% stake in Capital Park last year and our investment into the ELI logistics platform.  The transaction is typical of our investment approach whereby we find partners wishing to partially exit their investments in order to recycle capital to in other projects and we now look forward to working with the Cavatina team.”

“The Chmielna 89 project in Warsaw is distinguished by unique architecture, attention to detail and an excellent location. We are convinced that this award-winning building will be a true pearl in Madison International Realty’s portfolio. We also have no doubts that its timeless, original shape, highest quality of workmanship and finishing will be popular among renowned tenants for many years” – summarizes Łukasz Żelezik, Executive Director – Leasing, Cavatina Holding. “The sales contract for the Chmielna 89 building is our first joint transaction with Madison. We hope that this is just the beginning of a fruitful cooperation between both companies.”

“The sale of the stake in Chmielna 89 confirms yet again that Cavatina Holding is currently one of the most significant developers in Poland, which perfectly prepares assets for the needs of demanding institutional investors in terms of the length and quality of lease agreements as well as the quality of delivered buildings. We are very happy that CBRE had opportunity to advise on the sale transaction, items related to a joint venture agreement and that we were involved in the project’s financing aspects,“ adds Przemysław Łachmaniuk, Director – Investment Properties, CBRE.

Cavatina was advised in the transaction by CBRE and the Dentons law firm.   Madison was advised by Greenberg Traurig, KPMG for tax and financial advisory and BNP Paribas Real Estate for technical advisory.

About Madison International Realty

Madison International Realty ( is a leading liquidity provider to real estate investors worldwide. Madison provides equity capital for real estate owners and investors seeking to monetize embedded equity, to replace capital partners seeking an exit and to recapitalize balance sheets. The firm provides equity for recapitalizations, partner buyouts and capital infusions; and acquires joint venture, limited partner and co-investment interests as principals. Madison invests in secondary transactions and focuses solely on existing properties and portfolios in the U.S., U.K., and Europe. Madison has offices in New York, London, Luxembourg, Amsterdam and Frankfurt, where the firm operates under the name of Madison International Realty GmbH.


Madison International Realty

Michelle Manoff (US) Rubenstein Public Relations

Email: [email protected]

Phone +1 212-805-3051