Blackstone-owned OfficeFirst has put an office building in Düsseldorf-Oberkassel up for sale, with a guide price of €160-€170 mln.
The building at 1 Feldmühleplatz was acquired last year via Blackstone’s takeover of former Canadian listed company Dream Global REIT.
CBRE is to market the 22,000 m2 property which is let to law firm Freshfields Bruckhaus Deringer and was once the headquarters of Feldmühle AG. It was built in the 1950s and extensively refurbished in 2004-2005.
The asset is the largest of a string of office investments brought to market since the summer in the German city as investors seek to take advantage of very strong interest in German real estate.
Also in the Oberkassel district, CA Immo is marketing a prime site at its circa 90,000 m2 BelsenPark urban quarter, with BNP Paribas Real Estate seeking more than €100 mln.
The 2 ha BelsenPark is one of the Vienna-based group’s flagship ‘green’ projects and it will have offices, residential, retail and restaurants when it is completed with all parking underground.
BNP PRE is mandated elsewhere in the city to seek approximately €100 mln for a 10,000 m2 office asset at 67 Kasernenstrasse on behalf of the owner, a Luxembourg fund.
The investment in offices in the city so far in the first nine months of 2020 is about €1.7 bn according to Colliers International. That figure was boosted by Union Investment’s acquisition in Q3 of Hines and Versorgungswerk’s Medicus portfolio. The 46,000 m2 package comprised six office buildings in Düsseldorf and Berlin in a volume of about €400 mln in total.
Dream REIT paid €75 mln for the Feldmühleplatz property in 2013, equating to an initial yield of 7.6%.
