Madison acquired a 50.0% ownership interest in the Warsaw Spire high rise, a Class A office building in Warsaw, Poland. Madison acquired the interest from Ghelamco, which developed the asset in 2016, and retained the remaining 50.0% equity interest in the property along with day-to-day operations of the asset. As a flagship property in Warsaw, Warsaw Spire has attracted top international, credit tenants such as Jones Lang LaSalle, Goldman Sachs, and Samsung. This transaction represented an opportunity for Madison to expand its global footprint by investing in a trophy asset in a growing economy with strong market fundamentals and a well known operator. An increase in institutional capital demand for high quality office product in Warsaw led to Madison’s exit from this asset.
