Meag sells Düsseldorf office property to JP Morgan

Meag sells Düsseldorf office property to JP Morgan

Meag has sold an office property at Königsallee 92 in Düsseldorf to a fund managed by JP Morgan Asset Management.

The property is located on the southern part of the highly frequented Königsallee in the middle of one of the most exclusive office locations in Germany. 

The company sold the property from the real estate special fund MEAG German Prime Opportunities.

The property is excellently integrated into the diverse range of retail, gastronomy and cultural offerings in the city centre. The main tenant is the creative agency BBDO.

The office and commercial building on Königsallee was built in 1952 as a reinforced concrete skeleton. The simple facade as a light-colored cast stone facing, with the window parapet set back in the window line, integrates the block-like building harmoniously into the environment. The building extends over seven upper floors and two lower floors.

Sebastian Sturm, Senior Transaction Manager at Meag: “With JP Morgan AM we have found a reliable and suitable partner for this transaction in this difficult market situation, who processed the purchase of this beautiful property with us very quickly and professionally”.

Katrin Hupfauer, Head of Real Estate Transactions at Meag: “As an active asset manager for insurance investors, buying is part of our business, as is selling. With this transaction, we want to further diversify our portfolio, while the location remains interesting for new investments.”

CBRE advised MEAG on the implementation of the structured sales process, Clifford Chance provided legal advice, the buyer was advised by BNP Paribas Real Estate and MHL MÖHRLE HAPP LUTHER provided legal advice.