ING Bank has acquired IT networking specialist Cisco Systems’ office complex in Amsterdam for €42 mln, PropertyEU has learned.
ING Bank has acquired IT networking specialist Cisco Systems’ office complex in Amsterdam for €42 mln, PropertyEU has learned.
The Dutch banking group will occupy 24,500 m2 of the total space of nearly 47,000 m2 while the remainder will be taken up by Cisco and other companies.
The complex was custom-built for Cisco and completed in 2002. At the time, the US company had ambitious plans to develop a campus on the site which would initially have comprised around 50,000 m2 with another 40,000 m2 to follow at a later stage.
But with the onset of the financial crisis and economic downturn, Cisco dropped its plans for the second phase and leased a portion of the first phase – around 16,000 m2 – to other tenants.
ING Bank was advised on the acquisition by Cushman & Wakefield.