Tishman Speyer has announced that it has acquired Quartier 205 (The Q) in Berlin. The property has been purchased for its European Core Fund.
This is the second time that the leading develop has owned the property. Tishman Speyer originally developed and built The Q after the fall of the Berlin Wall. Designed by renowned Oswald Mathias Ungers, construction was completed in 1995. Quartier 205 has a total of 52,500 square metres of retail, office and residential space and it covers an entire city block.
This mixed-use asset, which is situated between Friedrichstraße and Gendarmenmarkt downtown Berlin, is a source of long-term income from a diversified tenant base. Tishman Speyer bought the property from two Spanish Groups, Grupo Santander and Ponte Gadea.
Tishman Speyer Co-CEOs Jerry Speyer and Rob Speyer stated, “We are thrilled to once again be in ownership of Quartier 205, a building that we originally developed to serve as a dynamic mixed-use experience comprising working, living and shopping in the historical center of Berlin. This acquisition also constitutes our re-engagement with the Berlin real estate market, where we began over 25 years ago, and we look forward to widening our presence in this vital city in the years to come.”
Florian Reiff, the firm’s Country Head for Germany, said, “With its diverse tenant base, its wide array of uses and its close proximity to public transportation, Quartier 205 is a perfect example of a truly connected urban complex, which will benefit from Tishman Speyer’s deep understanding of the property, location and market.”
This transaction adds to Tishman Speyer’s announcement that it plans to develop the Metzler-Site in Frankfurt´s core for their newest European value-added fund. The deal was concluded rapidly, taking just four weeks. Berlin Hyp provided financing.
CMS, JLL and CBRE provided advice to the sellers. White & Case and Savills advised Tishman Speyer. The purchase price has not been made public by the parties.
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