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GT Advised Amstar/BBI Partnership on the Block Sale of Residential Units in Złota 44

WARSAW – August 8, 2017 – Greenberg Traurig’s Warsaw office advised Amstar and BBI Development in connection with the recent transfer of title to 72 residential apartments in Złota 44 to Catella, a German fund manager.

This transaction commenced with the conclusion of a preliminary sale agreement signed in July 2016, and was subject to the issuance of an unconditional occupancy permit for the building. The construction has now been completed, and the building has received the final certificate of occupancy. Greenberg Traurig assisted in, among other things, both the preliminary and final sale transactions, as well as in preparing the legal framework for luxury condominium building regulations in Poland.

The units are located in the iconic Złota 44 luxury residential tower in the Central Business District of Warsaw. The building became a widely recognized landmark thanks to its unique sail-shaped construction designed by the world-famous architect Daniel Libeskind.

Eric Rosedale, chair of International Real Estate at Greenberg Traurig, commented that the deal was a landmark transaction in the CEE residential sector and completed in the midst of the post-Brexit referendum market turmoil, indicating the strength of the project and market sector.

“Since Amstar and BBI took over the investment, the construction works were successfully completed and this landmark building is a spectacular achievement. It took a team of multidisciplinary experts from all over the world led by Jeffrey Stonger, Head of Europe for Amstar, to complete the project, and our legal team is proud of being part of it,” said Bartosz Clemenz, partner in the Real Estate Practice.

The Greenberg Traurig transaction team was led by Clemenz and supported by Associates Filip Janeczko and Anna Szczepankowska, and a team of construction, leasing, and tax specialists from the firm’s Real Estate Group, which has grown to become one of the largest on the Polish market.

Złota 44 is one of the largest residential investments in Europe and at the same time Amstar’s first investment into Poland.

About Greenberg Traurig's Real Estate Practice

The Greenberg Traurig Real Estate Practice is a cornerstone of the firm and recognized leader in the industry. The firm’s real estate attorneys deliver diversified and comprehensive legal solutions for property acquisition and investment, development, management and leasing, financing, restructuring, and disposition of all asset classes of real estate. The team draws upon the knowledge and experience of more than 300 real estate lawyers from around the world, serving clients from key markets in the United States, Europe, the Middle East, and Latin America. The group’s clientele includes a broad range of property developers, lenders, investment managers, private equity funds, REITs, and private owners. The firm’s real estate team advises clients on a variety of matters across a broad spectrum of commercial, recreational, and residential real estate, including structured equity and debt and the hybrids.

About Greenberg Traurig Grzesiak sp.k

Greenberg Traurig, LLP is an international, multi-practice law firm with approximately 2000 attorneys serving clients from 38 offices in the United States, Latin America, Europe, Asia, and the Middle East.

Greenberg Traurig Grzesiak sp.k. was named the "2017 Law Firm of the Year in Poland" by Chambers and Partners. The Warsaw office of Greenberg Traurig, LLP provides legal services to clients in Central Europe and beyond and consists of 90 lawyers. Team members are regularly recognized as leaders in numerous practice areas. Chambers Global, Chambers Europe, IFLR1000 and EMEA Legal 500 consistently rank them among the top tiers the areas of Corporate/M&A, Capital Markets, Real Estate, Private Equity, Tax, Banking and Finance, Project Finance, Energy, Dispute Resolution and TMT.