CBRE Global Investors has exchanged contracts for the acquisition of Stilwerk, a well-known shopping destination in Berlin’s Charlottenburg district from the ARB Investment Partners Fund NIS ARB EDO. The purchase price was not disclosed. The company plans to convert the fourth floor which is currently used as retail space into modern office space.
The 24,840m² property consists of two buildings: the Stilwerk design centre which was built in 1999 as well as an office building from the 1950s, which was integrated into the scheme. Stilwerk is a prime shopping destination for up-market design and luxury furniture. It houses circa 40 independent shops, such as Bang & Olufson, Vitra, Lambert, Rolf Benz and piano manufacturer Bechstein, under one roof and hosts exhibitions and events on architecture and design. The Stilwerk brand operates centres in Berlin, Dusseldorf and Hamburg.
The integrated office building, separately accessible from Uhlandstrasse, is occupied by Commerzbank and comprises two upper floors that are used as retail space connected to Stilwerk. The retail part accounts for close to 80% of the scheme’s total income. It also includes an underground car park for 163 vehicles.
The property is located on Kantstrasse, Berlin’s premier shopping mile for interior design and high-end furniture, which runs parallel to the famous Kurfurstendamm high street. The location also borders Berlin’s CBD City-West, the most expensive office submarket in the German capital.
