PATRIZIA AG, the global partner for pan-European real estate investment, announces the acquisition of Treptower, a landmark asset and the tallest office building in Berlin, Germany, from ARB Investment Partners. This transaction increases the value of PATRIZIA’s office portfolio across Europe to nearly EUR14 billion.
The 32-storey building, comprising 26,000 sq m of lettable space across flexible floorplates, is 99% let to 11 occupiers with a WALT of 4.2 years. The largest occupier by space is Bundesanstalt für Immobilienaufgaben, the government agency which provides real estate services to federal government departments. Other tenants include navigation specialist TomTom, IT service provider Atos and open banking portal OptioPay.
The Treptower was built in 1998 and benefits from an exclusive riverside location in Mediaspree, an emerging office sub-market in Berlin, which is increasingly seen as an attractive alternative to the CBD. The asset is also situated in close proximity to transport links with easy access to the suburban train circle.
Source : Company