Warburg-HIH Invest, acting for an institutional real estate fund, has acquired the “ELEMENT B” office scheme in Berlin-Mitte. Raised in 1992, the building comprises 6,126m² GLA and boasts an underground parking facility for 69 vehicles. At the moment, the property is undergoing a comprehensive upgrade. The vendor is QUEST Investment Partners. The purchase price was not disclosed.
The property at Brunnenstrasse 128 is characterised by a well-diversified tenant structure with a comparatively long average remaining lease term of 8.2 years. The anchor tenant is the company Liefery, which is part of the Hermes Logistics Group. Other large units are occupied by the housing company degewo, Terre des Femmes and the Deutsche Welle broadcasting system.
Due to its location directly on Brunnenstrasse, the “ELEMENT B” scheme has superb access to Berlin’s road and rail networks. The nearest underground stop lies within very easy walking distance. Important transport hubs with the option to change trains, including Alexanderplatz, the Berlin-Gesundbrunnen railway station and Berlin’s central railway station, are a short ride away via underground or tram while several bus stops are also located in the vicinity.
“The ‘ELEMENT B’ scheme combines the qualities of a revitalised modern office building with an excellent location in downtown Berlin. The building, therefore, meets the requirements profile of young creative media outfits from the IT sector or the new media industry above all while simultaneously appealing to classic office tenants such as established companies or organisations,” commented Hans-Joachim Lehmann, Managing Director of Warburg-HIH Invest.
“The tenant mix and the cooperation with the incumbent tenants before and during the construction phase reflect a successful asset management strategy,” said Arne Siemens, Head of Branch Berlin of QUEST Investment Partners.
