AM Vastgoed and Bouwfonds Property Finance have purchased a 5.3 hectare site in the Riekerpolder business district of Amsterdam from IBM Nederland.
They plan over time to transform the site, which is currently occupied by a 23,000 mÂ² industrial building, a 15,000 mÂ² office building and a 920-space car park, into a high-quality office park. Their ultimate aim is to develop over 60,000 mÂ² of office space on the site, in both large and small units, within a landscaped environment. The capital cost of the project is estimated at around â¬180 million.
The partners have acquired the IBM site in response to the changing needs of the Dutch office market, where outdated office buildings are making way for new properties of high standard which are made to measure for tenants and investors. The redevelopment will be undertaken in phases, depending on demand from tenants and investors. Pending redevelopment, the existing industrial building, offices and car park will be let temporarily via brokers DRS and Boer Hartog Hooft. The Riekerpolder district is located on the A10 ring road between Schiphol and Zuidas. AM Vastgoed and BPF Special Projects have set up a 50/50 joint venture to redevelop the IBM site, for which Bouwfonds Property Finance will act as financier.
New parking garage for IBM Nederland
AM Vastgoed, acting independently, is also developing a new two-storey 1,600-space parking garage for IBM Nederland on the former IBM site, which will be completed this year at a capital cost of around â¬14 million.
AM Vastgoed previously developed the 34,000 mÂ² Dynatos office building for IBM Nederland at Riekerpolder, which was officially opened in January 2004. The IBM site now acquired by AM Vastgoed and Bouwfonds Property Finance is situated between the Dynatos building and IBM Nederlandâs offices, neither of which are included in the transaction, beside the A10 ring road.
T+T Design, AMâs in-house design consultancy which devised the Dynatos concept, is also responsible for the design of the new office park. Delta Vorm is responsible for the landscape design and BD Architectuur designed IBM Nederlandâs new parking garage.