Cromwell Property Group and York Capital Management have completed the sale of The Mark, a prominent 22,795m² office building located in Rotterdam, the Netherlands, to Investcorp and co-investor and asset manager Proptimize. The asset was acquired in 2015 on behalf of the Cromwell Netherlands Diversified Partnership (CNDP). The purchase price was not disclosed.
Since acquiring the building, Cromwell and York have completed a series of asset management initiatives, starting with a complete re-branding of the building and followed by a comprehensive refurbishment of the general spaces including an upgraded reception area with a new coffee bar, a gym and a meeting centre. As a result of these initiatives, the team was able to increase occupancy to 85%, with a series of new lettings to major businesses including Maersk/Damco, Baker Tilly and Schreuder Verzekert, as well as renewals with Pointlogic Development, Willis Towers Watson and Refresco.
Located on Fascinatio Boulevard 200 – 300, along the A-16 motorway in Rotterdam, The Mark is a 13-storey building with 13 occupiers occupying units ranging from 850m² to 3,000m².
Wouter Zwetsloot, Head of Benelux at Cromwell Property Group, commented: “This sale marks the culmination of our business strategy for the building and is a huge endorsement of our original decision to acquire and invest in the building. Since acquiring the building, we have completely transformed its profile and occupancy.”