PATRIZIA makes landmark acquisition of tallest office tower in Berlin

PATRIZIA AG has acquired Treptower, a landmark asset and the tallest office building in Berlin from ARB Investment Partners. This transaction increases the value of PATRIZIA’s office portfolio across Europe to nearly €14 billion ($15 billion).

The 32-story building, comprising 26,000 square meters (280,000 square feet) of lettable space across flexible floorplates, is 99 percent let to 11 occupiers. The largest occupier by space is Bundesanstalt für Immobilienaufgaben, the government agency which provides real estate services to federal government departments. Other tenants include navigation specialist TomTom, IT service provider Atos and open banking portal OptioPay.

The Treptower was built in 1998 and benefits from an exclusive riverside location in Mediaspree, an emerging office submarket in Berlin, which is increasingly seen as an attractive alternative to the CBD. The asset is also situated in close proximity to transport links with easy access to the subur