Tishman Speyer, an owner, developer, operator and fund manager of first-class real estate globally, has sold two Berlin properties to GEG German Estate Group AG, a Frankfurt-based real estate investment manager, for €365 million ($410 million).
The two properties are in Berlin’s landmark “Alexanderplatz” square (Karl-Liebknecht-Strasse 27-29).
The first is the historical high-rise “Pressehaus” building (16 upper floors and a rental space of 24,200 square meters) including the flat-roofed “Pressecafé” building (with a rental space of 1,200 square meters), both redesigned and completely revitalized. Then with the addition of the “New Podium” building (10,300 square meters spread across six upper floors), scheduled for completion in 2021, total rental space will amount to 35,700 square meters.
Both buildings are already 90 percent let on a long-term basis to first-class tenants, such as Wayfair, the U.S. online furniture seller, co-working provider The Office Group, and South African media group Napster.
The landmark property will soon be incorporated into GEG’s portfolio. Tishman Speyer will be responsible for the completion of the “New Podium” new building between now and 2021. The space currently still available on the ground floor of the “Pressecafé” building is intended for retail and restaurant use, while the upper floors will be let as office space.
The acquisition of the Pressehaus is GEG’s first investment in Berlin.
