Credit Suisse puts Amsterdam trophy building up for sale

Crédit Suisse plans to sell the Viñoly trophy office building, part of the Mahler4 complex in Amsterdam's mixed-use Zuidas district. The Swiss financial group reportedly wants to sell the 30,000 m² fully let building, which it acquired in 2003, for EUR 140 mln as part of a restructuring of its portfolio.

Property consultant Van Gool Elburg has been commissioned to market the asset to both Dutch and international investors. According to the consultant, Viñoly is one of the top-five office buildings in the Netherlands.

Job Neyzen of Van Gool Elburg noted that the move by Crédit Suisse to sell Viñoly was not surprising, given that institutional investors are returning to the market and expressing interest in prime products which are less susceptible to economic downturns.

'Crédit Suisse is an investor who buys and sells and actively manages its portfolio,' he said. Two years ago, Crédit Suisse bought FOA, another office building on the Zuidas, for EUR 57.5 mln.

Viñoly's biggest tenant is law firm Boekel de Nerée. Other occupants include Kardan, M.T. Holding and Google.

Crédit Suisse has for some time been looking at the possibilities to divest its own office space in London's Docklands through sale-and-leaseback transactions. Earlier this year the group hired CB Richard Ellis to market its offices at 20 Columbus Courtyard.