CBRE Investment Management (CBRE IM) has acquired an office building complex through a sale and leaseback transaction in Berlin’s central Mitte district near the Gendarmenmarkt square. The seller is German telecommunications company Deutsche Telekom. Financial details were not disclosed.
The property, which was bought for a pan European strategy, consists of a listed building and two new buildings with a total GLA of approximately 12,400 m2.
Deutsche Telekom will initially continue as a tenant in the property at Französische Strasse 33 A-C. CBRE IM is planning to refurbish the building in the medium term.
‘The complex in this prime Berlin location is an impressive amalgamation of the highly prestigious former Imperial telegraph office and the new buildings. We plan to preserve its character and develop a prime quality, modern and sustainable office property,’ commented Sebastian Ehrhardt, head of transactions Germany at CBRE Investment Management.
The listed part of the building consists of the former general telegraph office dating from 1862. The four-storey building offers around 5,000 m2 of GLA. A highlight is the magnificent atrium, which is currently used for events holding up to 750 people. The modern section, with its striking glass façade, comprises around 6,400 m2 of GLA, predominantly office space. It also includes a roof terrace and an atrium for events. The third part of the building offers just over 1,000 m2 on six floors and is currently entirely used as telecommunications space. All parts are accessed by three separate entrances. The complex also includes 58 underground and 14 outdoor parking spaces.
CBRE IM was advised by CBRE. The seller was assisted in the transaction by Cushman & Wakefield.
