SEPTEMBER 29, 2014

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Two German properties sell for $413m

by Andrea Waitrovich

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

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