HIH Invest has sold an office building at Rue Royale 138 in Brussels to the Eaglestone Group. HIH Invest acquired the property in 2011 on behalf of a closed-end real estate fund. Known as “The Crown Center,” it is located in the Pentagon District in the inner city. Out of the 9,000m² of the V-shaped eight-storey building, roughly 8,500m² are taken up by offices while over 500m² are used as archive area. The building, originally constructed in 1968, was thoroughly refurbished in 2001 and 2002. Its sole tenant is the federal Belgian agency, Regie des Batiments. Following the end of the current tenancy, Eaglestone is planning to modernise and restructure the office scheme with a focus on sustainability. In future, the building will combine the use types office and residential. The purchase price was not disclosed.
Matthias Brodesser, Head of Transaction Management International at HIH Invest, said: “The surroundings of the Crown Center have developed dynamically over the past years. We are glad to have found a buyer in Eaglestone Group who is renowned for sustainable high-end property developments. Restructuring the building will give the buyer a chance to reposition it while taking the environmental guidelines of the City of Brussels into account at the same time."
“Due to environmental concerns, buildings may only be demolished in exceptional cases anymore, the modernisation of standing properties under sustainability aspects being encouraged instead,” added Lea Messerschmidt, Asset Manager International at HIH Real Estate.