UBS Asset Management's (UBS-AM) Real Estate & Private Markets (REPM) has acquired The Flow office development in Amsterdam from ToBeDeveloped. Designed by MVSA Architects, the asset will comprise circa 6,000m² of flexible and creative working space spread over six storeys and set within a state-of-the-art glass exterior innovatively designed to resemble a black diamond structure.The waterfront property is located in the Houthavens dockland area, 3km from Amsterdam’s centre. The Flow will be easily accessible by car, public transport, bike and boat, while Amsterdam Schiphol Airport is just a 15-minute drive away. Construction of the building commenced in May 2018, with completion expected in July 2019. The purchase price was not disclosed.
It is being built to BREEAM Excellent standards for its sustainable design and is also targeting a WELL Building “Platinum” certification to recognise its emphasis on the wellbeing and satisfaction of the building’s occupants. Highlight features include a rooftop terrace, communal entertainment areas, a 360odigital boardroom, a concierge service and smart technology systems ensuring the utmost in efficiency.
The Flow is already 40% pre-let to three tenants from creative industries.
Ward van de Braak, Head of UBS Asset Management for REPM in Europe ex Switzerland, commented: “This unique investment opportunity is a next-generation concept that stands out because of its emphasis on healthy and sustainable workplaces, which we believe will become increasingly paramount to occupiers’ leasing decisions in future. This acquisition, which is our fourth in Amsterdam over the past two years as well as our third in the strongly performing Houthavens area, highlights our confidence in the potential of this landmark development."
Hans Woerlee, Director of ToBeDeveloped, added: “With UBS-AM, we found an investor who embraced our ambition to implement and roll-out a series of Flow buildings in Europe. The Flow concept is a different kind of office space with rooms to connect and rooms to disconnect, rooftop venue, a stunning LED display wall at the entrance and a hammam/wellness centre. Outdoor decks, climate ceilings, adaptive LED lightning and responsive intelligent systems all add comfort, which we believe will resonate positively with prospective tenants.”
UBS-AM was advised by Houthoff, Van Gool Elburg and Deloitte, while ToBeDeveloped was advised by DLA Piper, Cushman & Wakefield and Savills.
