Union Investment sells West-Park office building in Zurich for $240m
Union Investment has sold the West-Park office building in Zurich to PSP Real Estate, a subsidiary of PSP Swiss Property.
The property was sold for CHF 216.5 million ($238.2 million), about double the original purchase price, according to Union Investment.
The multi-tenant office building is in the Zurich West submarket, a former industrial zone that has been transformed into an attractive, modern residential and office location in recent years. The building offers about 27,100 square meters (291,702 square feet) of rental space and 130 parking spaces. It has a BREEAM sustainability rating of “Excellent” and is 97 percent leased.
“The sale is one of the largest office property transactions in continental Europe so far this year,” said Alejandro Obermeyer, head of investment management DACH at Union Investment. “It shows that the transaction market is picking up, and it’s gradually becoming possible for premium properties to change hands again on appr