ORCO Germany has acquired the site in the center of Berlin that used to be the Wertheim complex. This new development will fill the most important gap between the centers of East and West Berlin. With a land area of more than 22 000 m² the project will be carried out directly on Leipziger Platz right next to Potsdamer Platz. Viterra Development, a subsidiary of ORCO Germany, will be responsible for the project management.
The planned area of 88 000 m² enables varied use to be made of office and retail space as well as residential units and hotels. What was once the Wertheim complex and is not being used at present is the last site available for development in the new 'Mitte' of Berlin. The new Mitte is considered to be the top address for national and international companies and customers. The Sony Center, the DaimlerChrysler quarter and the Beisheim Center are right next to Leipziger Platz. ORCO paid €75 million for the site, thus a price per constructible square meter 20% lower than recent transactions in the area.
"ORCO Germany is demonstrating its excellent position on the Berlin real estate market by carrying out this project", says Rainer Bormann, CEO of ORCO Germany. "The Wertheim department store, which was destroyed in 1944, was once the biggest department store in Europe. An extremely modern new property complex in a prime Berlin location is now being built on the same site." The area is of enormous strategic importance for urban development: as the last large and undeveloped property on the center line between Hackescher Markt Gendarmenmarkt/ Friedrichstasse Potsdamer Platz Kudamm, the site has a unique gateway function.
Source: ORCO Group