CBRE Global Investors, on behalf of a Korean institutional separate account client, has acquired the long-term leasehold of Brederode, an office building in Brussels, for €122.1 million ($131.2 million).The seller was Befimmo, a Belgian listed REIT.
The asset has three interconnecting buildings — Brederode 13, Brederode 9 and Namur 48. All three buildings underwent significant refurbishment between 2012 and 2016. The class A, multi-tenant office complex comprises 240,000 square feet and is split between offices, meeting rooms, retail and archive space. There also are 68 underground parking spaces. There are five occupiers, and an international law firm is the main tenant.
Brederode is located in the Pentagon city center, a submarket of the Brussels CBD, close to the Belgian Royal Palace and Central Station. The live/work/shop area has a number of financial institutions.
Brussels’ office leasing market during fourth quarter 2016 was more than 1 million squa
