Castle Carbery sells Cirrus to Adgar

Cirrus, which has a total leasable area of 14,007 sqm, is located on the junction of ul. Rzymowskiego on ul. Marynarska across the street from Galeria Mokotów. The transaction also includes the 0.29 ha plot the building stands on and the underground car park with spaces for 283 vehicles. The fully-leased building is now to be renamed Adgar Wave. Tenants include GlaxoSmithKline, Alcatel Lucent, Regus, Deutsche Bank, Millennium Bank and Mercury Engineering. Colliers International acted as the exclusive sale agent for the seller. Michael Scully, the founder and managing director of Castle Carbery Properties, commented on the deal: “Castle Carbery Properties is delighted to deliver a successful and profitable sale in accordance with the lifetime of the fund. The successful sale of Cirrus confirms the continued demand among institutional investors for modern, well-leased office assets in Warsaw.” Adgar, which also owns the nearby Adgar Plaza Complex and Adgar Business Centre II (ABC II), intends to make a series of improvements to the property. “In the near future we plan to introduce a number of new features and improvements at Adgar Wave to bring it in line with the Adgar standards we have in place in other office projects in our portfolio. This will include a tenant service programme, a new parking system and a new signage system. We will also modernise the structured cabling, as well as the surrounding space outside the building. In addition, we plan to install a bicycle room and showers to encourage people to commute by bicycle,” said Eyal Litwin, the CEO of Adgar in Poland.