Developer-investor Tishman Speyer has acquired the Pressehaus am Alexanderplatz property in Berlin from media group Bertelsmann for an undisclosed sum.
The acquisition was carried out on behalf of TSEV VII, Tishman Speyer’s latest in a series of European value-added funds, which has been active since early 2015 and is invested in properties in London, Paris, Frankfurt and Berlin.
The 27,500 m2 building is located on Karl-Liebknecht-Strasse 29 at Alexanderplatz in Berlin-Mitte. It has been listed under a heritage preservation order since 2015 and links Alexanderplatz with the neighbouring Scheunenviertel and Spandauer Vorstadt districts.
Following the departure of the current tenant of the building by mid-2017, Tishman Speyer plans to carry out an extensive refurbishment programme with the aim of delivering new office space to an extremely supply constrained Berlin office market.
‘The Pressehaus am Alexanderplatz building is one of the few large-scale properties in Berlin's dynamic Mitte district. We are therefore delighted to have this opportunity to activate and reposition the property and create modern, high-quality office space and, in doing so, to make a lasting impression in the vibrant district around Alexanderplatz,’ said Florian Reiff, senior managing director of Tishman Speyer.
The Alexanderplatz property is the second major acquisition to be made by Tishman Speyer in Berlin in the past year. In August 2015, the firm acquired the Quartier 205 property located between Friedrichstraße and Gendarmenmarkt.
Tishman Speyer was advised on the transaction by law firm King & Spalding. Helaba financed the deal.
