Tishman Speyer buys back mixed-use complex in Berlin

Tishman Speyer has acquired the mixed-use Quartier 205 (The Q) complex in Berlin which it originally developed in the early 1990s from its Spanish owners Pontegadea and Grupo Santander.

Financial details were not disclosed, but German trade publication Immobilien Zeitung reported in July that the US developer-investor was on the verge of buying the complex back after eight years for a price of €335 mln.

Tishman Speyer sold the property to the Spanish investors in 2007 for €275 mln.

The buyback was concluded in just four weeks with Berlin Hyp providing financing for the transaction, Tishman Speyer said in a statement on Monday.

Designed by Oswald Mathias Ungers, the US firm originally developed and built the property following the fall of the Berlin Wall. It was completed in 1995 and comprises 52,500 m2 of office, retail and residential space, covering a full city block. The asset was previously called Quartier 205 before being rebranded as The Q in 2011.

Jerry and Rob Speyer, co-CEOs of Tishman said: ‘We are thrilled to once again be in ownership of Quartier 205, a building that we originally developed to serve as a dynamic mixed-use experience comprising working, living and shopping in the historical centre of Berlin. This acquisition also constitutes our re-engagement with the Berlin real estate market where we began over 25 years ago, and we look forward to widening our presence in this vital city in the years to come.’

Florian Reiff, Tishman Speyer’s country head for Germany, added: ‘With its diverse tenant base, its wide array of uses and its close proximity to public transportation, Quartier 205 is a perfect example of a truly connected urban complex, which will benefit from Tishman Speyer’s deep understanding of the property, location and market.’

The Q is located between Friedrichstraße and Gendarmenmarkt in the heart of the German capital. The property will be added to Tishman Speyer’s European Core Fund.

The transaction also builds on the company’s recently announced plans to develop the Metzler-Site in Frankfurt’s city centre for its newest European value-add fund.

The sellers were advised by CMS Hasche Sigle as well as JLL and CBRE. Tishman Speyer was represented by White & Case and Savills.