CBRE Global Investors has acquired the IZD Tower in Vienna on behalf of Korean separate account clients in the largest deal seen in Austria for two years. The seller was a German fund managed by Austrian investment manager SIGNA.
The 39-storey IZD Tower with an adjacent six-storey building has a high occupancy rate of 94% including international companies and government agencies with a weighted average unexpired lease term (WAULT) of over 10 years. The building features the largest floor sizes available in high rise buildings in Vienna at up to 1,688m², which also helps attract and retain tenants. Additionally, the tenants benefit from combined 1,254 parking spaces which provide an exceptional competitive advantage.
The 65,000m² building is located in the dominant office district of Donau City in Vienna. It is one of the main business locations in Vienna, and is a district that draws international occupiers as it houses the United Nations European Campus, which plays host to several government agencies. The district is well located, with nearby access to the A22 and public transport offers fast connections to local and national transport infrastructure
Katarina Horvathova, transaction manager, CBRE Global Investors, said: “IZD Tower is one of the most sought after high-rise landmark buildings in Vienna and attracts high profile local companies as well as global players that seek representative offices for their local operations or headquarters. Well located and accessible to Donau city, it offers flexible high quality offices with many amenities for the tenants to utilize.”
Klaus Kortebein, managing director, global key accounts, CBRE Global Investors. “Our investors are increasingly looking for global diversification. We offer expertise in target investment markets as well as client service in the home-country, providing seamless cross-border solutions. As Vienna is the second largest German-speaking city globally, it continues to be an important business hub with attractive pricing/risk premiums. IZD Tower offers our clients an exceptional core property investment with a stable and well-diversified income source.”
Christoph Stadlhuber, SIGNA, CEO commented: “We have managed to maintain IZD Tower’s status as a Grade A trophy asset through continuous and state-of-the-art asset management since acquisition in 2010. The landmark building benefits from an exceptional level of tenant retention and has repeatedly attracted high profile occupiers. With CBRE Global Investors we have been able to achieve a great outcome for the sale of the IZD Tower. From the outset, the buyer was aware that the IZD Tower is a unique, well situated office building with excellent infrastructure.”
The seller was advised by CBRE and Eastdil Secured.
