Tuesday, 13 October 2026
Syrena Real Estate is preparing to renovate an existing office building at 18 Piękna Street in central Warsaw, with construction scheduled to begin in early 2027. The property, currently known as Zaułek Piękna, will be renamed Elma following the redevelopment. The project will involve changes to the building’s commercial floors, technical systems and office facilities, with completion planned for the third quarter of 2028.
The company acquired the property in May 2025 from Manova Partners, with financing provided by mBank. Located at the intersection of Piękna, Mokotowska and Krucza streets, the building currently accommodates office tenants alongside retail and service businesses. Syrena Real Estate has obtained a building permit for the refurbishment. The acquisition formed part of the company’s investment activity in Warsaw’s existing office stock, where the limited availability of development sites and the cost of new construction have increased interest in upgrading older properties.
The most significant change will be an increase in retail and service accommodation from approximately 700 sqm to 1,300 sqm, representing an expansion of almost 86%. The additional space will be created through alterations to the building’s two lower floors, including the replacement of sections of the existing exterior with glazing extending to nearly six metres in height. The changes will provide larger commercial premises facing the surrounding streets and increase the amount of space available for retail leasing.
Medusa Group has prepared the architectural design, which retains the building’s existing structural framework. The lower floors will receive a new exterior incorporating glass and prefabricated concrete elements. The alterations will also affect the office entrance and reception area. According to the investor, the design is intended to improve access to the commercial premises and make greater use of the property’s position at the intersection of three streets.
The refurbishment will extend beyond the building’s appearance. Planned work includes replacing or upgrading heating, ventilation, cooling and building control systems, alongside improvements to the roof, upper floors and communal facilities. Lift lobbies, toilets and other shared areas will also be renovated. The company expects the technical improvements to reduce energy consumption and operating expenditure, although it has not disclosed projected savings or specific energy performance targets.
Following the works, the property is expected to contain approximately 7,700 sqm of office accommodation and 1,300 sqm of retail and service space, providing a combined commercial area of around 9,000 sqm. The building will also retain 100 parking spaces, with additional infrastructure for electric vehicles. The announced office area is lower than the approximately 8,100 sqm reported when Syrena Real Estate acquired the property, although the company has not provided a detailed reconciliation of the floor areas.
Reesco Group has been appointed to carry out the construction work. The initial phase, beginning in the first quarter of 2027, will concentrate on internal areas and technical installations. Later work will cover the exterior and lower commercial floors, with activity scheduled across the first three quarters of 2028. Construction will be organised in stages because the building is expected to remain occupied during the refurbishment. The investor has not disclosed the project’s construction budget or expected rental levels.
The building’s renovation will take place alongside planned changes to Krucza Street under Warsaw’s New Centre programme. The municipal project involves reducing the space allocated to road traffic, improving pedestrian routes and introducing additional planting. Current plans include 247 trees, approximately 15,000 shrubs and 5,000 sqm of planted areas. Skanska has been appointed as the main contractor, with construction expected to begin later in 2026 and continue for approximately 18 months. The street works may affect access to neighbouring properties during construction, although the longer-term changes could alter pedestrian movement and commercial activity in the area.
Syrena Real Estate has previously undertaken substantial renovations of office properties in Warsaw. The company completed work on the HOP building at 132/134 Chmielna Street in 2022 and carried out the redevelopment of the Diuna office complex in Służewiec in 2024. Reesco Group was also involved in those projects. The company’s approach involves retaining existing buildings while modifying their facilities, layouts and technical infrastructure rather than demolishing them for replacement developments.
The Piękna Street project reflects a wider issue facing owners of established office buildings in Warsaw. As tenants reassess their space requirements and operating costs, landlords must determine whether older properties can remain competitive through refurbishment. In this case, the investor is also increasing the proportion of income-producing space allocated to retail and services. The commercial outcome will depend on construction expenditure, the retention of existing office tenants and the ability to lease the enlarged retail premises at rents sufficient to justify the investment.
