Institutional real estate investment manager Bouwinvest has acquired the distinctively-shaped “Hourglass” mixed-use building project within Amsterdam’s main Zuidas business district for its Dutch office and hotel funds from developer Sax Vastgoed V.O.F. The building on the Parnassusweg has been designed by architects Dam & Partner and is due for full completion in 2020.
Dick van Hal, CEO at Bouwinvest said: “This is Bouwinvest’s first office/hotel investment in the Zuidas, which is the premier office market in the Netherlands. We expect that the district will continue to go from strength to strength and consolidate its leading position due to the ambitious development plans in the pipeline. It’s also an increasingly rare investment from a large Dutch institutional investor in the Zuidas as the area has been among the first ports of call for foreign investors doing big ticket core office acquisitions.”
The Hourglass Building consists of 22,000m² of multi-tenant offices, of which the main tenant Loyens & Loeff will occupy 15,000m², as well as 700m² of retail and catering and 145 parking spaces.
There will also be a 115-room extended stay hotel, and restaurant open to the public, in the building. The hotel is to be let to international operator the PREM Group, which will cater for the office tenants of the Hourglass, and rising demand from the many Dutch and international companies in the Zuidas generally, with its Premier Suites living environment concept.
Hourglass will receive a BREEAM Excellent certificate upon completion. The planned completion dates for the office section will be Q4 2019, and the hotel will be completed in Q1 2020.
CBRE and Houthoff Buruma represented the seller in this transaction, and BOEKEL represented Bouwinvest.
