Tishman Speyer, one of the world’s leading developers of first-class real estate, has acquired the iconic Quartier 205 (The Q) in Berlin for its European Core Fund.
Designed by the renowned architect Oswald Mathias Ungers, Tishman Speyer originally developed and built the property following the fall of the Berlin Wall. It was completed in 1995, and contains 52, 500 square meters of office, retail and residential space, covering a full city block.
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The mixed-use prime asset, located between Friedrichstraße and Gendarmenmarkt in the heart of the German capital, provides a long-term secure income from a highly-creditworthy and well-diversified tenant base. Tishman Speyer purchased The Q from two Spanish groups, Ponte Gadea and Grupo Santander.
Tishman Speyer Co-CEOs Jerry Speyer and Rob Speyer 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 center 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 transaction also builds on Tishman Speyer’s recently announced plans to develop the Metzler-Site in Frankfurt´s city center for their newest European value-add fund.
The deal was concluded in just four weeks. Berlin Hyp provided financing for the transaction. The sellers were advised by CMS Hasche Sigle as well as JLL and CBRE. Tishman Speyer was advised by White & Case and Savills. The purchase price was not disclosed by the parties.
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