DLA Piper advises PZU on office lease agreement in Generation Park Y
DLA Piper has advised Grupa PZU, one of the largest financial institution in Poland and CEE, on the lease of 47,000 m² of office, retail and warehouse space, in Generation Park Y.
Located at the Daszyński Roundabout in Warsaw, Generation Park Y is a 140-metre building with 38 overground and four underground floors, 187 bicycle spaces, 325 parking spaces with electric car charging sockets and a high-rise green terrace with a view over Warsaw city centre. Generation Park Y is due to be completed in the first quarter of 2021 with finishing works of the lease space due for completion in the second quarter of 2022 when the space is scheduled to be delivered to PZU Group.
Negotiations of the lease agreement were conducted by Agata Koczorowska (Senior Associate) in cooperation with Jacek Gizinski (Head of Real Estate Practice) at DLA Piper.
"We are delighted to be finalising negotiations on this exceptional lease agreement in the Polish market, being PZU's exclusive external legal advisor on this project and would like to congratulate PZU and Skanska Group on this landmark contract. I would also like to express my gratitude to our client, the PZU Group, for placing their trust and for their extremely professional cooperation. My thanks also go to Senior Associate Agata Koczorowska, who, with my support, was PZU's main legal advisor on this project,” said Jacek Gizinski, Co-Managing Partner for DLA Piper in Poland.
The total estimated value of the lease contract over its ten-year term is approximately PLN787 million gross and additional costs associated with the relocation are approximately PLN65 million gross.