Zurich Group buys CityPlaza in Stuttgart
Zurich Group Germany has purchased the CityPlaza office and commercial building in Stuttgart. Closing is expected by the end of 2017.
The seller of the CityPlaza office and retail property in downtown Stuttgart is a Spanish family office managed by Conren Land. The DGNB Gold certified property at Rotebühlplatz 21 was completed in 2003 and comprises around 19,000 sqm of office and retail space. The property is fully leased. The parties have agreed not to disclose the purchase price.
JLL acted as advisor and intermediary for the seller. Legal advice to Zurich Group Germany was provided by Luther Rechtsanwälte (Cologne). The international law firm Freshfields Bruckhaus Deringer acted for Conren Land.
CityPlaza was acquired by the Spanish family office as recently as June 2016. The seller at the time was Warburg-HIH Invest Real Estate, which had purchased the building from Tishman Speyer in 2010.
