International real estate firm Hines has announced the sale of the Mercedes-Benz Bank building in Stuttgart to the federal state of Baden-Württemberg Stiftung for an undisclosed sum.
The 24,000 m2 property, which was acquired by Hines in February 2013, was comprehensively renovated in 2016, enabling Hines to secure a long-term renewal of the tenant lease.
'Apart from the stability of the tenant and its long-term commitment to the location, the quality of the office complex and the promising development of the neighborhood were decisive for the increase of value,' commented Alexander Möll, Hines senior managing director and co-head Hines Germany.
Occupied by Mercedes-Benz Leasing, a subsidiary of Mercedes-Benz Bank, the building comprises two seperate six-story buildings situated at Siemensstrasse 7 in the north end of Stuttgart.
Lars Huber, CEO of Hines Europe, added: 'This transaction underlines Hines’ strong and successful activities in Germany as investor and developer across all major markets.'
Hines was advised by Pöllath + Partners, Ernst & Young, as well as by Colliers International; the buyer acted with the help of CMS and Albrings & Müller.
Photo ©Robert Sprang
