Record Deal in the Tri-City Office Market in H1 2024 Between PHN and State Street Bank

PHN has renewed a lease agreement for more than 10,500 sqm with State Street Bank, the key tenant of the Titanium tower of the ALCHEMIA office complex in Gdańsk. Market data from H1 2024 shows that this is the largest lease transaction in the regional market and the third largest in Poland.

ALCHEMIA is located in the Oliwa district, at al. Grunwaldzka 409, the most important thoroughfare in Gdańsk. The award-winning complex is LEED green certified with the Platinum rating. The upper floors of the complex offer a view of the Tri-City and the Gdańsk Bay, and on the west side – the Tri-City Landscape Park area. ALCHEMIA II includes two towers, Ferrum and Titanium, with a light glass facade connected by a 4-storey brick podium.

“We are very pleased to continue cooperation with our largest tenant in Gdańsk – State Street Bank, which has renewed its lease, thus appreciating the advantages of our location and the conditions for doing business in ALCHEMIA. It is a modern office space located in the very center of the city, and the fact that the transaction is a record one on the market confirms PHN’s position,” said Wiesław Malicki, CEO of Polski Holding Nieruchomości.

State Street Bank is considered the world’s leading provider of financial services to institutional investors. Street Bank’s first office in Poland was established in 2007 in Krakow, and in 2016 the company expanded its operations to Gdańsk, where it decided to lease space precisely in ALCHEMIA.

In the transaction, State Street Bank was represented by Cushman & Wakefield.

“The record transaction in the market this year was the result of lengthy and complex negotiations that required not only in-depth analysis, but also full understanding of the tenant’s needs. The fact that State Street has decided to continue its business development in Gdańsk is a confirmation of attractiveness of the Tri-City labour market. It is also a testament to the building’s high quality and proven location, which have supported the company’s growth over the years. The developer’s flexibility and openness were key in making these talks a success,” said Adam Schroeder, Regional Head – Northern Poland, Cushman & Wakefield.

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ABOUT THE PHN GROUP

Polski Holding Nieruchomości S.A is one of the largest groups in the Polish commercial property sector in terms of the market value of its portfolio. PHN Group has a diversified business profile – it is primarily active in the office, residential and logistics markets. PHN Group’s portfolio comprises more than 150 standalone properties with a market value of approx. PLN 3.5B. PHN Group provides comprehensive rental and management services – it currently manages more than 500,000 sqm of leasable space. PHN Group owns about 270 hectares of land earmarked for projects in various market segments. PHN Group is also active in the construction sector – by providing general contracting, subcontracting and design services, as well as in the development sector as an investor – by carrying out projects related to the construction and sale of residential units and the construction of commercial buildings. PHN Group’s main market is Poland. PHN’s activities in the rental segment are concentrated primarily in Warsaw and the largest regional cities, including the Tri-City, Poznań, Cracow, Katowice, Łódź and Wrocław. PHN has been listed on the Warsaw Stock Exchange since 13 February 2013.