Tishman Speyer has acquired the Q207 mixed-use property in Germany鈥檚 capital from Allianz Real Estate for an undisclosed sum.
The asset manager said it has acquired the property at Friedrichstrasse 76-78 in Berlin 鈥� known locally as Galeries Lafayette 鈥� on behalf of its TSEV VIII value-added fund and co-investment partners.
The property offers 35,500sqm of leasable area providing an opportunity to develop office, retail and residential space.
The asset is located close to the Q205 property also owned by Tishman Speyer.
Florian Reiff, senior managing director overseeing Tishman Speyer鈥檚 German operations, said: 鈥淲e鈥檙e truly delighted to add this exceptional property to our portfolio in Berlin, in such a prime location at the heart of one of the most dynamic commercial real estate markets in Europe.
鈥淭his is yet another fine example of our 鈥榝rom brown to green鈥� approach to transitioning properties to state-of-the-art levels of connectivity, customer experience and ESG credentials.鈥�
Nils Skornicka, Tishman Speyer鈥檚 head of acquisitions for northern and central Europe said: 鈥淭his transaction once again underlines our ability to source and execute off-market opportunities in a highly competitive environment such as Berlin.鈥�
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