Kraków

BGŻ BNP Paribas bank to stay in Avatar for longer

25 April 2018

BGŻ BNP Paribas Bank, part of the leading international BNP Paribas banking group, extended its lease for 8 500 sqm of office space in the Avatar building. Consultants from the Office Agency Department at BNP Paribas Real Estate Poland supported BGŻ BNP Paribas Bank during the analysis process.

The Avatar office building owned by Azora Europa is an easily recognized scheme that has become a permanent fixture of Kraków's office landscape. The decision made by BGŻ BNP Paribas Bank, which has been growing in the building since 2010, is a testimony to the landlord's understanding and meeting of the tenant's needs in the past, particularly that the current market situation in Lesser Poland's capital presented the bank with a considerable number of alternatives

Małgorzata Fibakiewicz, Head of Office Agency, BNP Paribas Real Estate Poland

Following the decision to extend its lease in the existing location, the bank will now take measures aimed at optimization of the office to improve it from the point of view of ergonomics, functionality and prevailing working conditions. Additionally, the building's landlord, the Azora Europe fund, in cooperation with the bank, will carry out a comprehensive modernization of the common areas and reception hall.

The Avatar office building is a tenant friendly and comfortable location with good transport links and as such it has always met our expectations as a base for the Krakow BGŻ BNP Paribas Operations Centre. Our continued presence in this location possible as a result of the renegotiated lease terms complemented by the office’s remodelling and improved functionality, as well as the introduction of new trends in the office space design, will enable us to dynamically expand the Kraków side of operations in a sustainable manner.

Jarosław Frączek, Head of Real Estate and Investment, BGŻ BNP Paribas Bank

We are extremely pleased that BGŻ BNP Paribas Bank has extended its lease with us. The building's excellent location and high standard, as well as the efficient design of the office space, provide occupiers with comfortable working conditions. Over the many years of our cooperation with the bank we have always strived to meet the tenant's expectations, which certainly contributed to the decision made by BGŻ BNP Paribas Bank to remain in Avatar.

Anna Szelc, representing the Azora Europa fund on the CEE market

Avatar is a modern 7-storey class A office building located along ulica Armii Krajowej, one of Kraków's main thoroughfares, in the Bronowice district in the west of the city. The building's further assets are the convenient transport links to the city centre, the Balice airport and the A4 motorway. The total office area of the building, where Echo Investment was the investor and developer, comes to approximately 11 200 sqm. In 2010 the office building was purchased by the Spanish Azora Europa fund.

The office market around the Wawel Hill is not slowing down. Which is not surprising given the fact that Lesser Poland's capital currently hosts the highest number of companies from the business services sector. It should be also added that Kraków's market displays considerable absorption capacity, which led, amongst others, to a balance between last year's demand and supply.

Tomasz Skrzypek, Starszy Konsultant w Dziale Wynajmu Powierzchni Biurowych, BNP Paribas Real Estate Poland

Azora Europa is a Spanish private equity fund operating in the CEE region since 2007. The Avatar office building in Kraków has been in Azora's possession since 2010, and – along with 6 other office schemes located in Warsaw, Kraków and Wrocław – makes up Azora Europa's property portfolio in Central and Eastern Europe.