German fund manager Commerz Real has sold an office building in Vienna, Austria, for €55 mln.
The buyer of the property - called Optimum - is a core-plus investment vehicle managed by Conren Land.
Located on Dresdner Strasse in central Vienna, the Optimum asset comprises around 17,000 m2 and is leased to eight tenants. It holds a BlueCARD sustainability certificate from the Austrian Sustainable Building Council (ÖGNI).
The building has been in the portfolio of Commerz Real's open-ended real estate fund HausInvest since its construction in 2000.
Henning Koch, global head of transactions at Commerz Real, said: ‘With the sale we have been able to utilise the current attractive market situation for sales to the benefit of our investors and at the same time save the fund foreseeable modernisation costs.’