TPG Real Estate signs long-term lease with German government
TPG Real Estate Partners' (TREP) German office platform, Deutsche Office Properties (DOP), has agreed to a new long-term lease with a German government institution.
The tenant has signed a new ten-year lease for a 19,000 sq m site within DOP’s TechnologiePark in Cologne. This is one of the most important leasing transactions that has been signed in Cologne over the last 12 months. The site includes 13,000 sq m of office space and more than 500 parking units and is located near TechnologiePark station, which provides a direct rail link to Cologne Central Station. The site was previously occupied by one of the major automotive brands for more than ten years.
TREP acquired the site as part of the wider TechnologiePark in 2019, which is managed by KORE Capital. The TechnologiePark currently comprises seven Grade A properties spanning approximately 116,000 sq m and serves a prominent group of blue-chip corporate and government tenants with long-term rental agreements.
Michael Abel, Partner at TREP, says: “This new long-term lease with such a top tier tenant is a strong endorsement not only of the quality within our German office platform, but also TREP’s thematic conviction in Cologne as city with attractive fundamentals and growth potential. The agreement adds to TREP’s existing base of government tenants and reinforces TechnologiePark’s status as a leading collection of Grade A office assets in Germany.”
Alexander Wunderle, Managing Partner at KORE Capital, says: “We are delighted that TPG chose us as their local partner for this project. We are excited about this deal, which we were able to complete in less than six months.”