Zurich Invest buys in Hamburg

The Berliner Tor Center, an almost 80,000 sqm office building ensemble in Hamburg's St. Georg district, has found a new owner in Zurich Invest, according to the German "Immobilien Zeitung" newspaper.

Editorial - August 11, 2015

Berliner Tor Center - by Ajepbah (Own work) [CC BY-SA 3.0 (http://creativecommons.org/licenses/by-sa/3.0)], via Wikimedia Commons

The "Immobilien Zeitung (IZ)" reports with reference to "market circles" that Zurich Invest has paid around 270 million euros for the property. The seller is the Morgan Stanley Real Estate Fund.

The Berliner Tor Center consists of a listed former police high-rise built at the end of the 1950s and a new development characterized primarily by two 90-meter-high high-rises. Of the total 78,700 sqm of leasable space, 66,700 sqm is for offices, 4,600 sqm for about 80 apartments and 5,000 sqm for restaurants and retail. Larger tenants include IBM, Siemens, Deutsche Bahn, Carat and Colgate, writes IZ. The current vacancy rate is said to be 15 percent.

The Morgan Stanley Real Estate Fund bought the ensemble in 2007 for 209 million euros. (ah)

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Zurich Invest buys in Hamburg

The Berliner Tor Center, an almost 80,000 sqm office building ensemble in Hamburg's St. Georg district, has found a new owner in Zurich Invest, according to the German "Immobilien Zeitung" newspaper.

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