WARSAW – Dec. 15, 2014 – Greenberg Traurig advised Amstar, together with its local partner BBI Development S.A., on negotiations and the conclusion in a general contractor agreement regarding resumption of construction work on Złota 44, an iconic luxury residential building in Warsaw, with the project’s previous general contractor INSO Sistemi Per Le Infrastructure Sociali S.P.A.
Amstar partnered with Warsaw-based developer BBI Development S.A. to acquire and complete development of this almost completed project, which thanks to the characteristic shape of the sail and location in the city center of Warsaw, has become its widely recognized land mark.
The general contractor agreement provides resumption of construction work in February 2015 and its completion in mid-2016.
The transaction, which involved Greenberg Traurig’s offices from Poland, U.S., and Italy, was led by Eric Rosedale, the chair of International Real Estate of Greenberg Traurig. The Greenberg Traurig Warsaw team engaged in this transaction was led by partner Andrzej Wysokiński, local partners Bartosz Clemenz and Robert Lis and included multidisciplinary team of lawyers specializing in negotiations, real estate transactions, and luxurious condominium projects.
Złota 44, the 52-story luxury residential building, designed by renowned, Polish-born architect Daniel Libeskind, is one of the largest residential investments in Europe.
Amstar is a U.S.-based real estate private equity investor operating in multiple international markets. Złota 44 is Amstar’s first investment into Poland.