Amstar Receives Final Certificate of Occupancy for Zlota 44, Warsaw, Poland
On Monday, March 13, 2017 Amstar and BBI Development hosted the grand opening of Zlota 44 – a 287-unit luxury residential tower located in the center of Warsaw, Poland. The 52-story tower was designed by renowned Polish-American architect Daniel Libeskind and is the tallest residential building in Europe.
The original developer, Orco, began initial construction of the building in 2007, but was struck by financial difficulties and ultimately forced to sell the unfinished project. In 2014, Amstar partnered with BBI Development to acquire the 70% complete tower and finish construction of the building. In mid-March 2017, the building received the final certificate of occupancy and opened its doors to the public for the first time. Residents will begin moving in Summer 2017.
“The grand opening was undoubtedly a big day for our team, our residents and the local community. We entered this project with the belief that the Polish capital deserves to have a luxury residential tower with the same amenities and services as in other major markets across the globe. It gives us great satisfaction to deliver on that vision with such an iconic project.” – said Jeff Stonger, Head of Europe at Amstar.
Jason Lucas, Amstar’s President added “Zlota 44 is an exemplary investment for Amstar. We were able to enter the project at a low cost basis, source a top-notch development partner and deliver on our business plan. While the project has required significant efforts by everyone involved, it has been worthwhile to deliver a world-class luxury residential tower to the heart of Warsaw.”
About the Investors
BBI Development S.A. is a Polish public company listed on the Warsaw Stock Exchange. The BBI Development’s investmen portfolio includes projects with a unique and prestigious character, located primarily in Warsaw.
The company has completed, among others, the exclusive apartment building by the Royal Route – Rezydencja Foksal (7,500 sq. m of residential area). Its other projects under development include Centrum Praskie Koneser (a mixed‑use project) –located near the Dworzec Wileński metro station, with a total usable area of 75,000 sq. m. Centrum Praskie Koneser will host service points, offices, as well as lofts and soft lofts. The company is also developing Centrum Marszałkowska – an office and retail facility at the intersection of Marszałkowska and Świętokrzyska Streets, which has a total usable area of 15,000 sq. m and will replace the Sezam department store. The building will have a direct link with the metro station exit. BBI also plans to develop a Class-A office building at the intersection of Emilii Plater and Nowogrodzka Streets. This project will be approximately 170 meters tall and will have 55,000 sq. m of usable area.
Amstar is a real estate investment manager that acquires, develops and manages office, multifamily, retail, hotel and industrial properties in select U.S. and international markets. Originally formed to invest and manage the real estate allocation of a large family office client, Amstar began expanding its capital strategy nearly a decade ago and has grown to more than $2.4 billion in assets under management. Today, Amstar is proud to provide a high degree of focus and attention to its client relationships, counting among them leaders in the private and institutional investment community. Amstar’s clients originate from across the globe and include U.S. and European institutions, insurance companies, private banks, funds of funds, and other family offices.