Hogan Lovess advised on the transaction
Polish startup, ShareSpace, carried out the first ever blockchain technology-based transaction in the Polish office market. ShareSpace provides tenants with innovative management technological solutions in relation to the co-working office leasing process, as well as also providing speedy access and servicing.
The parties involved were Business Link (the Landlord), and Ricoh (the Tenant). Business Link is the largest co-working spaces operator in Poland offering access to the business startup and corporations community. Ricoh is a company which offers many differing products and services including office and production printing devices.
The innovative solution based on blockchain technology was implemented in order to ensure the safety of the lease transactions, the indisputability of the commercial and legal conditions, as well as the reduction of agency and consultation costs. The access, verification, and validation of the documents and commercial arrangements took place through a decentralized platform which significantly reduced the time of the negotiations while simultaneously maintaining the security guarantees of the online process even with multiple entities engaged. The agreement template was also developed based on blockchain technology.
Hogan Lovells advised ShareSpace with a team including Marek Wroniak (Partner), legal advisors Tomasz Grygorczuk (Counsel), and Tomasz Pietrzak (M&A), Andrzej Debiec (Partner), Jan Starybrat (Tax),
Ewa Kacperek (IP&IT) and Adam Nowosielski (Real Estate).
The company Cushman & Wakefield provided a business-market analysis and maintenance of the highest standards of commercial real estate leasing. Atende S.A provided test scenarios and test applications verifying the blockchain transaction’s compliance with the functional requirements. The System Research Institute (Polish Academy of Sciences) oversaw the project.
Involved fees earner: Marek Wroniak – Hogan Lovells; Tomasz Grygorczuk – Hogan Lovells; Tomasz Pietrzak – Hogan Lovells; Andrzej Debiec – Hogan Lovells; Jan Starybrat – Hogan Lovells; Ewa Kacperek – Hogan Lovells; Adam Nowosielski – Hogan Lovells;
Law Firms: Hogan Lovells;