Berlin, 24 January 2020 – Barings has successfully repositioned the listed building, Roxy Palast, by the architect, Martin Punitzer, at Hauptstraße 78/79 in Berlin-Friedenau. The extensive renovation of the 1930s building, which will retain its character, is currently underway and is expected to be completed in summer 2020. As part of the project, the property has now been fully re-let. The main tenant is the BBA – Akademie der Immobilienwirtschaft e.V. (Academy of the Real Estate Industry) which will occupyc. 2,900 sq m of space. The training and further education institute founded by real estate associations will use the space as a training and career centre. The lease was concluded for a fixed period of 15 years. BBA was advised by BNP Paribas Real Estate GmbH.
In the former cinema hall on the ground floor, the lease with the existing tenant LPG BioMarkt for approx. 1,100 sq m was successfully extended. The organic supermarket has also modernised parts of the store, particularly the entrance area, as part of the refurbishment. The lease was concluded for a fixed period of 12 years.
The occupier mix will be complemented by the coworking operator St. Oberholz, who will use large parts of the ground floor and the newly created studio in the former stage tower. The rental agreement was concluded for a fixed term of 15 years. The facilities range from individual workstations to meeting and workshop rooms. private offices and a public café. With the settlement of St. Oberholz, Barings was able to secure one of the coworking pioneers for the location.
The combination of a training centre, coworking, café and local supply creates a well-rounded overall result, which will give the Friedenau sub-market around Breslauer Platz a fresh boost.
Barings acquired the property in 2017 as part of a value-added individual fund mandate for a German institutional investor. Barings will continue to manage the property as asset manager and is responsible for the revitalisation and repositioning of the property. The building has approximately 4,800 sq m of lettable space.
The Roxy-Palast is located not far from Breslauer Platz, right next to Friedenau City Hall. The S-Bahn and U-Bahn stations Innsbrucker Platz and Friedrich-Wilhelm-Platz are within walking distance, and several bus lines run directly along the main street. The nearby Südkreuz long-distance train station and the A100 motorway also provide the building with optimal connections to long-distance traffic.
Source : Company