Barings, one of the world’s largest diversified real estate investment managers, announces that it has now pre-let 85% of the office space at The Westlight, a major 15-storey office tower development in Berlin, Germany, following the completion of two new lettings totalling c. 9,300 sq m.
Design Offices, the corporate coworking provider with around 35 locations across Germany, has agreed to let five floors at the scheme, taking approximately 7,000 sq m on a 12-year lease. Additionally, global commercial real estate services company, Cushman & Wakefield, has agreed a 10-year lease for 2,300 sq m as it consolidates its presence in Berlin.
These latest transactions follow the letting of 6,700 sq m of space to international law firm, Greenberg Taurig, and mean that 85% of the building’s c. 16,500 sq m of office space has now been pre-let ahead of completion this summer. 1,600 sq m of ground floor retail remains available for occupation.
In June 2019, Barings entered into a conditional agreement to sell The Westlight. The transaction, which is in line with its business plan, is on track to complete later this year on completion of the building.
The project has been designed to a high specification including the highest level of energy efficiency, with a LEED ‘Gold’ pre-rating. The building’s distinctive and crystal-inspired architecture will not only provide a modern working environment but also shape the skyline of Berlin, with three outdoor terraces, including a large roof terrace, offering superb views across the city.
Situated at Budapester Strasse 35 and the corner of Kurfürstenstrasse in Berlin’s City West, the 60 metre high building is in a prime office location between the Tiergarten and Kurfürstendamm. The building is easily accessible via U-Bahn and bus connections at Wittenbergplatz with connections to the S-Bahn and Deutsche Bahn networks a ten minute walk away at Bahnhof Zoo.
Source : Barings Real Estate