Barings has sold Chausseestrasse 23/Zinnowitzer Strasse 2 in central Berlin to a fund managed by Credit Suisse Asset Management. Barings acquired the seven-story office building almost three years ago on behalf of an institutional investor as part of a core investment strategy.
The 19,400-square-meter (209,000-square-foot) office building, built in 1998, is fully leased to Vattenfall GmbH. Vattenfall is vacating the property post the completion of its new headquarter building at Berlin-Südkreuz.
“We completed the initial phase of our business plan for Chausseestrasse 23, which included the carving out of an additional 1,500 square meters [16,000 square feet] of rental space and an agreed early departure of Vattenfall to secure a reversionary interest. The strength of the Berlin market led us to sell the asset at an earlier stage of the business plan, thereby delivering attractive returns for our client,” said Christoph Wittkop, Barings managing director and real e
