Westbrook Partners has acquired its first property in Dusseldorf, Germany, the “FRITZ” office building in the Seestern business district. The vendor was Deka Immobilien. The parties agreed not to disclose the purchase price.
The building, at Fritz-Vomfelde-Strasse 14–20, was constructed in 1993. Its lettable area of almost 17,000 square meters (183,000 square feet) is currently around 66 percent occupied. The tenants include NEC Deutschland and Itochu. The building stands on a site of around 7,400 square meters (80,000 square feet), including some 300 parking spaces.
Westbrook’s Germany strategy is investing in properties and sites with value-add potential, in central locations in the top five cities.
“The acquisition of 'FRITZ' fits perfectly into our investment strategy,” said Ruben Herrmann, managing principal at Westbrook. “We are confident that, by applying active letting management and carrying out modernization work, ‘FRITZ’ will sw
