German investor and project development company Quest Investment Partners has acquired another property in Berlin Mitte in an off-market deal with a private individual.
Financial details were not disclosed.
The seven-storey office and commercial building dates back to 1996 and is located at Alte Jakobstraße 83/84, in the direct vicinity of the Zeitungsviertel.
The property comprises a rental area of approximately 5,350 m2, of which around 4,500 m2 can be used for office spaces. The retail premises on the ground floor are let to the food retailer Netto under a long-term lease.
The office spaces in the multi-tenant property are almost fully let, the main tenants being a publisher of comics and children’s magazines and an agency for digital marketing. The building's own underground car park features 43 parking spaces.
Jan Rouven Künzel, managing partner at Quest Investment Partners, said: 'As is typical for our developments, we want to rebrand this project and significantly improve the quality of the office space, façade and lobby, as well as the unused courtyards and terraces.
'We continue to see stable and even increasing demand for multi-tenant properties in central locations of major German cities. The coronavirus pandemic does not change that.'
Angermann Berlin acted as intermediary in the transaction.
Quest was advised on legal matters by SNP Schlawien and Huth Dietrich Hahn, on technical matters by Arup and on tax matters by Hansa Partner Rommel & Meyer.
Schwenke Schütz provided legal advice to the seller and GSP Steuerberatungsgesellschaft advised the seller on tax matters.
