Blackstone ties up mega letting in Berlin

Blackstone’s Office First has agreed a deal to lease over 90,000 m2 of office space in Berlin at a rent above €30 per m2.

The office complex called Cule - next to the city’s famous Treptower - is in the trendy Mediaspree submarket in Germany’s capital and the letting is one of the largest in the city for some time.

Deutsche Rentenversicherung, a government umbrella organisation representing 16 regional pension funds, has agreed to move into all the space by 2023 at a rent believed to be €31 per m2 - which is at least double the rent in the complex less than two years ago.

The multi-let asset was acquired by Blackstone Real Estate Partners Europe IV along with Quantum Capital in July 2016 and a comprehensive refurbishment is being carried out.

It is thought that Celexis advised Office First on the letting and Savills is acting for the tenant.

Allianz was the original occupier of the Treptower when the whole complex was developed in 1998. In March 2019, Patrizia bought the tower which remains the tallest in Berlin.

The landmark features the figure of the ‘Molecule Man’ comprising three aluminium figures which appear to be walking on the River Spree and which mark the junction of former East and West Berlin.

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