End of Pekao Tower: Developer Echo Investment Plans Demolition of Transformation Symbol

The Warsaw urban landscape is set for another significant change related to the dismantling of buildings erected just after the political transformation. The company Echo Investment has made a key decision to demolish the former headquarters of Bank Pekao SA, located at 53/57 Grzybowska Street. The building known as Pekao Tower, constructed in the early 1990s, served as one of the landmarks of Warsaw's business district for over three decades. The decision to demolish it stems from the building's poor technical condition and low spatial efficiency, which do not meet the standards of modern Class A office buildings. The modern investment will take the place of the existing tower, creating a cohesive complex with the nearby Warsaw Breweries. The construction of Pekao Tower, completed in 1993, was one of the first major foreign investments in Warsaw's real estate sector after the fall of communism, symbolizing the opening of the Polish market to Western capital. The preparatory process for the investment has entered a decisive phase. Already on January 30, 2026, the developer submitted an application for a demolition permit. The new project, tentatively called the successor to Pekao Tower, is designed to better utilize the potential of the plot in the very heart of the capital. Real estate market experts note that the phenomenon of demolishing relatively young skyscrapers in Warsaw is becoming increasingly common, driven by the rapid increase in land prices and technological progress in construction. The logistical operation associated with dismantling in such dense urban development will pose a significant technical challenge for the contractor, but Echo Investment has extensive experience in implementing complex urban projects in this area of the city. Construction of the new building is set to commence immediately after clearing the site, which will completely change the character of the Grzybowska Street frontage. In the 1990s, Grzybowska Street was a neglected area, dominated by industrial buildings and remnants of the former ghetto, making the construction of Pekao Tower at that time a pioneering revitalization of this area. Commentators point out the sentimental and historical dimension of this decision. Pekao Tower was, after all, a silent witness to the birth of Polish capitalism. As industry media emphasize, this building represented the aesthetics and ambitions of the political transformation period. Although for many residents of the capital, the office building is a symbol of the success of the 1990s, for investors it remains primarily an asset that has ceased to generate the expected rate of return. The new tower is to offer significantly more leasable space and environmentally friendly solutions, which is now a requirement for large corporations seeking headquarters in Warsaw. „The demolition of a thirty-year-old skyscraper is proof of how quickly the architecture of the transformation era is aging when confronted with today's ESG requirements.” — Expert commentary Pekao Tower: 33, Ilmet: 28, Atrium International: 27 33 years — this is how long the Pekao Tower office building survived in the Warsaw landscape