Pan-European real estate investment firm PATRIZIA AG has sold a multi-let office building in Berlin, Germany, to LaSalle Investment Management.
Completed in 2004, Goethe 85 comprises 8,600 sq m of space across seven floors, which is fully let to 11 tenants across a range of sectors including insurance, research, legal and media. The asset is located in Charlottenburg, separated from Berlin Mitte by the Tiergarten, in the former commercial centre of West Berlin, which remains a popular location for hotels, bars, restaurants and businesses.
“We are pleased to have completed this transaction and leveraged the positive momentum in the Berlin office market to crystallise positive returns for our client following the conclusion of our business plan for this asset. Our asset management, fund management and transaction teams were able to once again deliver outstanding performance and value for our institutional clients,” said Matthias Eder, Director Fund Management Office at PATRIZIA.
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PATRIZIA was advised by Cushman & Wakefield, Berlin, and K+L Gates, Berlin.