Greenstone swoops on Format office building in Gdansk

The vendor was Torus, a leading commercial property developer. The deal marks one of the first big-ticket office transaction in Poland’s regional cities since 2022 according to broker Cushman & Wakefield.

Slawomir Gajewski, CEO, Torus, said: 'There is no denying that that current situation on the office market differs a lot from that a few years ago.

'While a post-covid correction continues, history shows that high quality projects are always on the winning side and can positively stimulate the market.

'Although Format was built and commercialised in a pandemic and post-pandemic environment, it was 100% let and has now found a buyer. We are particularly delighted that it is the first time in the history of our company that we have sold an office building that enjoys full occupancy.'

Format comprises nearly 16,000 m2 of modern office space and is located in a business district of Gdansk, at the border of Oliwa and Przymorze Male. The building has been awarded LEED Platinum and Building Without Barriers certificates.

Format is leased to Ergo Technology & Services, Foundever, Mako TSL, Dr. Oetker, Assa Abloy Mercor Doors, Siemens Gamesa, Symfonia, and Finsa. Another tenant of the office building is collab, a flexible office provider operating under the Torus brand.

Greenstone has been investing on the Tricity office market since 2017, and notably sold the Tensor building in 2022.

Stephane Chauvel, partner, Greenstone, said: 'We appreciate its unique tenant-mix. With our key tenant being Ergo Technology & Services, a subsidiary of Munich Re - one of the largest European reinsurers with a rating affirmed by Fitch at AA, Greenstone’s latest investment is very attractive and will allow us to continue to generate high returns for our investors.'

Torus was advised during the transaction process by Cushman & Wakefield and law firm Greenberg Traurig. The buyer was advised by LegalKraft and Trebbi.