Cromwell Property Group, an Australia-based real estate investor and manager, has acquired in a joint venture Blaak 555, a 305,081-square-foot prime office building located in the Rotterdam, in the Netherlands.
The building consists of 27 office floors, a ground-floor reception and mezzanine level, as well as three parking levels.
The office tower was designed in 1996 by architects Murphy Jahn and is considered one of prominent buildings in the Rotterdam metropolitan area. It is currently home to several tenants including ABN Amro, which occupies 5,400 square meters.
Located in the heart of the Rotterdam Central District, the building is easily accessed by several modes of transport including car and public transport.
“This is an acquisition with significant potential. By proactive asset management, repositioning and rebranding of the building, a broader cross-section of businesses will be attracted,” said Wouter Zwetsloot, managing director Benelux for Cromwell Property Group in Europe.
Cromwell Property Group was advised by CBRE on this transaction.
In the Benelux, Cromwell Property Group manages €975 million ($1.1 billion) of assets, across 11 mandates. In total, the portfolio comprises 6.9 million square feet of lettable space, in 67 assets, occupied by 549 tenants.
