BNP Paribas Real Estate Investment Management (REIM) has sold the InnoPlaza office complex in Vienna to ARE Austrian Real Estate, on behalf of the Next Estate Income Fund II (NEIF II). The building is located in Wienerberg and is currently fully let to several large companies as well as two tenants from the public sector. The average remaining lease term comes to roughly seven years. InnoPlaza was built in 2019 and offers its tenants more than 18,000m² of usable space. The building on Lehrbachgasse is LEED Platinum certified.
The site already boasts excellent accessibility and is located at the heart of a business district that is home to a number of international companies. In the coming years, another underground line will be added to the public transport options at the site. The Vienna office market is currently experiencing high demand for modern space, which comes as the result of the sluggish development activity seen in the past several years.
“The building was designed right from the start with sustainability aspects in mind and combines high-end office space with a good and growing microlocation. The InnoPlaza sale reconfirms our conviction that demand for assets with excellent ESG record remains very high despite recent market developments. We were able to improve the building’s carbon footprint and quality through comprehensive asset management and turn it into a future-proof investment that will continue to grow in value going forward,” said Isabella Chacon Troidl, CEO of BNP Paribas REIM Germany.
