Norton Rose Fulbright advises BNP Paribas Bank Polska and other lender on extension of Argon office loan

Global law firm Norton Rose Fulbright has advised BNP Paribas Bank Polska (acting among others as agent, security agent and lender) and other lender on the extension of a loan to ISOC / BLACKROD for financing of the Argon office building located in Gdańsk, Poland.

Argon is a LEED Platinum and WELL Health-Safety certified office building, with a total leasable space of 38,000 sqm. This prestigiously-situated, largest building of the entire Alchemia office park currently nearly 95% let, primarily to well recognized international tenants. Its timeless and elegant appearance is made possible by its unique form, modern elevation and its “lighthouse” base devoid of glazing bars and impressively-lit at night.

The project was acquired in 2019 by ISOC / BLACKROD a part of ISOC Group an international real estate investment arm of ISOC Holdings, represented in Poland by asset manager Augusta Cracovia. The transaction was one of the largest investments in the history of the Gdańsk region office market. Current re-financing process on the site of borrower was organized and co-ordinated by Marcin Łoziński from Infinity Partners.

The Warsaw-based Norton Rose Fulbright team made amendments to finance documents, introducing new and specific commercial terms in response to the current real estate market environment and was led by senior associate Daniel Popek with support from associate Karolina Majcher and lawyers Dominika Wojtkowska and Wiktoria Jadczak. Tomasz Rogalski, partner and head of real estate finance practice in Poland, supervised the transaction.

The Cypriot law advice was provided by Anna Maria Hadjixenophontos and Nancy Erotocritou from Harneys.

BNP Paribas Bank Polska’s team included Tomasz Hubski, Małgorzata Szczypkowska, Elżbieta Chmielowska, Piotr Karłowski, Maciej Zawiła, Joanna Gracjasz and Katarzyna Krajewska.

BNP Paribas Bank Polska S.A., which has been listed on the Warsaw Stock Exchange since 2011 is a member of the BNP Paribas banking group whose footprint spans 63 countries. In Poland, as a universal bank with a global reach, it provides services to retail customers and other segments including Wealth Management, microbusinesses, SMEs and corporate banking. As it advocates green initiatives, BNP Paribas supports its clients in the transition to a low carbon economy, endeavors to curtail the adverse impact of its operations on the natural environment and inspires clients to make good financial decisions. The Bank also consistently pursues its strategy of financing businesses in Poland while also supporting investments of strategic importance to the country with a positive social, economic and environmental impact.

Daniel Popek commented:

“Our continuous involvement for the entirety of this transaction is a testament to the unwavering trust our clients place in us. Advising on the extension of loan maturity for the financing of the Argon office building in Gdańsk showcases our close cooperation with the lenders, as well as our commitment to executing key investments in the real estate market.”