Two German properties sell for $413m
Two German properties changed hands in separate deals for a total of more than €325.7 million ($413.3 million).
The larger of the two properties was the two-building office complex Tanzende Turme located in Hamburg. The sales price was €165 million, or €438 per square foot ($216 million/$575 per square foot). The new owner of the 376,740-square foot office property is German investment firm Hansainvest. The seller was Zueblin Development GmbH, which acquired the office in 2008 for $231.8 million.
The other property was Tacheles Kunsthaur, a six-story, 96,876-square-foot industrial asset in Berlin. The sales price was €150 million, or €1,548 per square foot ($196.8 million/$2,031 per square foot). The buyer was New York City–based Perella Weinberg Partners, and the seller was Germany-based Fundus Gruppe.
Perella Weinberg has plans to demolish the existing buildings. The site will be turned into an apartment, retail