Berlin, 14 January 2021 – TA Europe has advised leading global investor PATRIZIA on the acquisition of a newly constructed office building on Michaelkirchstraße in Berlin-Mitte on behalf of its institutional clients. PATRIZIA purchased the property from Spree Area GmbH in an off-market transaction.
TA Europe carried out the full technical due diligence of the 4,400 sqm office building, which was built on the site of a former Züblin steam mill and was completed in 2019.
The state-of-the-art property is fully leased to Urban Sports Club and will soon receive a LEED Gold certification. The scope of TA Europe’s services included detailed review of the relevant technical documentation in the data room, site inspections of the property and the thorough technical risk appraisal as part of the reporting.
Ulf Christiansen, Director Transactions at PATRIZIA, says, “We are pleased to have succeeded in acquiring this new office building in a central location. Berlin-Mitte is establishing itself as an important submarket with several projects under construction. There continues to be strong demand for high-quality office space that meets the requirements of today’s users, which include high sustainability standards. Thanks to our trusted technical advisor TA Europe, we received a high-quality reporting, which enabled us to close the deal in time.”
Lawrence Wainwright, Partner at TA Europe, adds, “It was a pleasure to once again assist our valued client PATRIZIA during an acquisition in Berlin. We having been working together on several deals in the past and look forward to continuing to do so.”