NETHERLANDS – Philips Pension Fund has agreed to sell Symphony Offices at the Gustav Mahlerlaan, Amsterdam, to Deka Immobilien for around €215.1m.
The price tag makes the deal the biggest real estate transaction in the Netherlands last year.
The prime office building at Amsterdam South Axis, the core business district in the Netherlands, boasts a high-rise tower of 27 floors and an integrated, adjoining low-rise podium of six floors.
Symphony Offices offers a total of 34,500 sqm office space and 466 parking spaces in its underground parking garage.
The office space is almost fully let to high-profile tenants such as APG, Prologis, Tata Consultancy, Arcadis and Holland Financial Centre.
Symphony Offices is one of the last landmark office towers to be built at the Amsterdam South Axis.
The Symphony Office Tower is complemented by the adjacent residential tower (Symphony Residence) and Crowne Plaza Hotel, which were part of the same original Symphony development project.
The office and residential buildings were designed by the Dutch architect Pi de Bruijn, Architecten Cie and are considered to be the most prominent developments and eye-catching buildings of the entire Amsterdam South Axis.
CBRE, Houthoff Buruma, PwC and IPMMC acted on behalf of Philips Pension Fund during the sale process, while Arcadis and Baker & McKenzie supported Deka Immobilien.
Erik Langens, senior director of capital markets at CBRE, said: “Deka Immobilien has purchased one of the best office buildings in the Netherlands. It is a very high-quality property located in the core business district in the Netherlands, multi-tenant and almost fully let to professional corporates with long-term lease covenants.”