Global real estate player Tishman Speyer has acquired Q207 at Friedrichstrasse 76-78, a landmark commercial property in central Berlin, from Allianz Real Estate, acting on behalf of several Allianz group companies.
Financial details were not disclosed.
The transaction was undertaken on behalf of Tishman Speyer’s TSEV VIII value-added fund and co-investment partners.
The property in Berlin Mitte, known locally as Galeries Lafayette, occupies almost an entire block between Friedrichstrasse and Französischer Strasse. It is in close proximity to Q205 that is also owned by Tishman Speyer and within reach of two busy transportation hubs.
Said Florian Reiff, senior managing director overseeing Tishman Speyer’s German operations: 'We’re truly delighted to add this exceptional property to our portfolio in Berlin, in such a prime location at the heart of one of the most dynamic commercial real estate markets in Europe.
'This is yet another fine example of our ‘from brown to green’ approach to transitioning properties to state-ofthe-art levels of connectivity, customer experience and ESG credentials.'
The mixed-use property was first developed in 1996 and designed by French architect Jean Nouvel. It offers a total 35,500 m2 of leasable area providing an opportunity to develop high quality office, retail and residential space in a prime city centre location.
Nils Skornicka, Tishman Speyer’s head of acquisitions for Northern and Central Europe said: 'This transaction once again underlines our ability to source and execute off-market opportunities in a highly competitive environment such as Berlin.'
Tishman Speyer was advised in this transaction by Freshfields, Taylor Wessing, Gibson Dunn and Arcadis, while the seller was advised by CMS.
TSEV VIII is part of Tishman Speyer's successful European value-add investment fund focusing on repositioning, developing, and redeveloping high-quality office and mixed-use properties in Europe.
