Real estate investment manager Garbe Institutional Capital, on behalf of one of its funds, has sold the Ypsilon Park office complex in The Hague, The Netherlands, for an undisclosed sum.
The buyers are Focus Real Estate and Molsbergen Development, in a club deal with private investors.
Ypsilon Park consists of an office building from 1939, mainly let to EY, and the Ypsilon office building, built in the 1970s.
Located in the Benoordenhout district of The Hague, the property is situated on Wassenaarseweg next to Arendsdorp Park, featuring easy access and parking options.
Originally built as an office for the Shell oil company, Ypsilon Park comprises of 27,500 m2 of completely refurbished office space incorporating sustainability measures, of which 2,600 m2 are available for new tenants.
The new owner plans to transform the Ypsilon office building into apartments, creating a sustainable mixed-use development.
Molsbergen Development will manage the development, and Rabobank co-financed the transaction.
Six Legal, Rechtstaete, DVAN Advocaten, Nijendijk Legal and Van der Stap Notarissen acted as advisors to the buyer, while BarentsKrans and Deloitte advised the seller.
CBRE supervised the transaction commercially and technically on behalf of Garbe Institutional Capital.
