Pramerica Real Estate Investors have announced that it has acquired the famous ewerk office and event center on behalf on institutional investors in its pan-European open-end commingled fund. Pramerica is the real estate investment and advisory business of Prudential Financial, Inc. (NYSE: PRU).
The ewerk, a former transformer station built in 1928, was renovated during 2004 and 2005. Its 157,000 ft² is comprised of 85% offices and 10% apartments. ewerk GmbH uses the remaining space for corporate events that echo the building's tradition as one of Germany's foremost 1990s Techno dance clubs. ewerk is situated in the heart of Berlin. It's walking distance to Checkpoint Charlie and right next to the well-known Potsdamer Platz, which features the Daimler-Chrysler Areal and the Sony Center.
Chief architect Hans-Heinrich Müller, of Berlin Water and Gas, was ahead of his time when he designed the building by incorporating modern climate standards. Those modern amenities contributed to the decision to protect the property as an historic landmark in 1987. And when architects Hoyer, Schindele, Hirschmüller and Partner, in cooperation with Prof. Dr. Paul Kahlfeld and Dr. Achim Grube, refurbished the building, they were honored in 2003 with a Berlin monument award and in 2005 with a national German award.
"This transaction has given our clients access to one of Berlin's most famous buildings," says Georg von Hammerstein, director of acquisition with Pramerica. "The terrific location in the heart of Berlin, as well as the long-term leasing contracts, also provides our clients with the potential to participate in the growth and resurgence of Berlin's real estate market."