Nuveen Real Estate finalises acquisition of EDGE Grand Central Berlin on behalf of the Cityhold Office Partnership
Nuveen Real Estate has completed its acquisition of EDGE Grand Central Berlin, a c20,000 sq m (c237,000 sq ft) ‘smart’ office asset, on behalf of its Cityhold Office Partnership (CHOP).
Located next to Berlin Hauptbahnhof, a major transport hub, EDGE Grand Central benefits from its situation in the well-established Europacity area, which is a prime office district in the city. The property has already been fully pre-let to three tenants – ImmoScout, Oracle and EDGE Workspaces.
Designed to be a ‘smart’ and sustainable office building, the asset has already achieved WELL ‘Gold’ and DGNB ‘Platinum’ certifications, the first German building to do so. The Grade A office space will be distributed over nine floors, all incorporating SMART building technology, climate ceilings and integrated LED lighting controlled via smartphone.
“The EDGE Grand Central Berlin asset provides the CHOP venture with access to a fully let, best-in-class and future-proofed office asset located in a prime sub-market of Berlin. The asset also benefits from market-leading sustainability and wellbeing credentials – a core investment requirement – with the added benefit of EDGE’s innovative smart technology pack.
“In this context, Grand Central Berlin is a great fit for CHOP and we will continue to look for new opportunities as we seek to grow the venture – with a continued focus on Germany in the short-term,” says Jasper Gilbey, Fund Manager, Cityhold Office Partnership, Nuveen Real Estate.
“As the first EDGE asset in Germany, EDGE Grand Central Berlin is an outstanding showcase of our ambition to bring better buildings to the world. Given our shared values, we look forward to a continued strong collaboration with Nuveen and its ventures,” says Martin Rodeck, Executive Managing Director of EDGE Germany.
CHOP is a pan-European office venture managed by Nuveen Real Estate on behalf of four investors, including TIAA, AP1 and AP2. Launched in 2015, the long-term partnership has strong growth ambitions and is currently targeting both core and value-add office investments in Tier 1 cities across Europe, including Paris, Berlin, Munich, Hamburg, Frankfurt, Amsterdam, Madrid, Milan and London.
The partnership’s portfolio includes 70 St Mary Axe in the City of London, 36 rue La Fayette in Paris, Burstah Offices in Hamburg and EDGE Olympic in Amsterdam. In addition, the partnership is currently developing the Morland Mixité mixed-use project in Paris.
Nuveen Real Estate was advised by Graf von Westphalen (legal), Linklaters (structuring), EY (tax), Arcadis (technical) and Knight Frank (commercial).