PATRIZIA AG, a leading partner for global real assets, has completed the acquisition of Michaelkirchstraße 20, a newly built office building in Berlin, Germany, on behalf of its institutional clients. PATRIZIA purchased the asset from Spree Area GmbH in an off-market transaction.
Michaelkirchstraße 20, which was developed in the Berlin-Mitte district by Züblin on the site of a former steam mill and construction, was completed in 2019. The 4,400 sq m state-of-the-art building is fully let to the headquarters of Urban Sports Club, a company that provides access to various fitness studios, sports classes and health activities via a network of partner facilities, all in one membership. Both the location and rental yields offer further upside potential. The property was built to the highest standards and is on track to receive a LEED Gold certification in due course.
The asset is situated in a burgeoning office submarket that benefits from excellent transport connectivity. Local public transport stations such as U-Bahn and S-Bahn are located only 5-minutes on foot, while the main line railway station at Berlin Ostbahnhof is accessible in under 15 minutes. The Berlin-Mitte district comprises the historic centre of Old Berlin as well as a significant number of bars, restaurants and other retail provisions.
Pic : the building at Michaelkirchstraße 20