Private equity real estate investment advisory company MGPA’s Europe Fund II, has successfully closed on a lease extension at Rondo 1, Warsaw, Poland with the European Agency for the Management of Operational Cooperation at the External Borders of the Members States of the European Union "Frontex".
Rondo 1 is a 40 storey office tower with ancillary retail and car park, developed by Hochtief and completed in March 2006. The property was acquired in 2006 in a 50/50 joint venture between the Fund and London & Regional Properties. In 2008 the Fund assumed full ownership of the building.
Frontex was created as a specialised and independent body tasked with coordinating the operational cooperation between Member States in the field of border security. The activities of Frontex are intelligence driven. Frontex complements and provides particular added value to the national border management systems of the Member States.
Under the renewed lease agreement the total area occupied by Frontex will increase to 8,800 sqm by taking over occupancy of an additional floor. The renewal retains Rondo 1 high occupancy of 97 %. Other major tenants in the building include Ernst & Young, Volkswagen Bank, Salans, Allen & Overy , Baker McKenzie and Credit Suisse.
Laurent Luccioni, Chief Executive of MGPA Europe, says: “Extension of the lease term including increased space is a significant milestone in achieving the business plan for the property. Rondo I is a high quality building in a first class location in a dynamic emerging market and continues to attract blue chip clients.”
