GARBE Institutional Capital has sold the Ypsilon Park office complex in The Hague on behalf of one of its funds. Focus Real Estate and Molsbergen Development acquired the property in a club deal with a group of private investors. CBRE managed the tender process for Ypsilon Park.
Ypsilon Park consists of a monumental office building dating from 1939, most of which is let to EY, and the Ypsilon office building, which was built in the 1970s. Located in the centre of the Benoordenhout district of The Hague, the property is prominently situated on Wassenaarseweg next to Arendsdorp Park. Ypsilon Park comprises a total of approximately 27,500 m² of office space and is easy to access and park.
Originally built as a sales office for a popular oil company, Ypsilon Park remains an office building following a comprehensive refurbishment including sustainability measures. Approximately 2,600 m² of office space remain available for new tenants. For the Ypsilon building, the new owner is working on a development plan, to transform the office building into apartments. The objective is to realize a sustainable mixed-use project by refurbishing the existing property in the first place.
Molsbergen Development will manage the development. Rabobank co-financed the transaction.
Source : GARBE