Art-Invest Real Estate has acquired a fully let office property in a central location in Vienna’s third district at Erdberger Lände 40-48 from a closed-end public fund of KGAL Investment Management.
Both parties have agreed not to disclose the purchase price.
The property currently offers 18,200 m² of office space with 220 parking spaces on a plot area of 8,400 m².
The 4-part office building, which was built in 1984 and has a basement and six upper floors, was last modernized in 2007 and has since been fully let to ÖBB-Business Competence Center GmbH.
After the tenant moves out, Art-Invest Real Estate is planning the extensive modernization of the office building and repositioning it as a sustainable multi-tenant office property from 2024.
The property is located directly at the Leonie-Rysanek-Park on the Danube Canal opposite the extensive parks of the Prater and is characterized by its proximity to both the city center and important transport routes.
“We are pleased about the acquisition of this office property with value creation potential in the inner city of Vienna and to the challenge of modernizing the building in accordance with the current requirements of office tenants in a sustainable and taxonomy-compliant manner,” says Mark Leiter, Managing Director of the Vienna branch at Art-Invest Real Estate .