Union Investment Buys Berlin Building
Union Investment Real Estate GmbH has acquired Neue Promenade 6, an office/commercial building in downtown Berlin, on behalf of the DIFA-Fonds Nr 3 special fund. The building includes 3,140 square metres of space, of which 2,169 square metres are devoted to offices and 523 square metres are retail and restaurant space. Tenants include Stiftung Mercator and the European Climate Foundation, and a long-established Italian restaurant, Trattoria Ossena, is located on the ground floor. The historic building was built in 1888 and substantially renovated in 2010. Terms of the transaction were not disclosed.
In other news, Union Investment has purchased 555 Mission St, a 33-storey 3,200-square-metre office tower in San Francisco, from Tishman Speyer for $445 million (€356 million). The deal represents the highest price paid for a downtown San Francisco bu