Office and mixed-use asset specialist Coros has acquired an office property in Berlin Schöneberg for the Commodus Deutschland Fund II from a Luxembourg-based real estate fund managed by Northern Horizon Group.
The multi-tenant property, built in 1998, is located at Bessemerstraße 82 and has a total leasable area of around 11,000 m2.
Coros is planning to extensively modernise the building, exploiting its flexible building floor plan to implement a modern open-space office concept. This also includes upgrading the outdoor areas, all of which will take sustainability into account. Around 95% of the building is currently leased to over 40 tenants.
Leonhard Sachsenhauser, founding partner Coros, said: 'The striking high-rise building as well as its location in an attractive, multicultural district of the capital, meets all the requirements for a unique real estate brand.
'Both green spaces such as the Schöneberger Südgelände and Tempelhofer Feld as well as cultural institutions such as the Malzfabrik or the UFA-Fabrik are located in the vicinity of our property and make up the right mix for a livable, urban space.'
Paul Sattlegger, managing director of Coros added: 'We want to position the building as a dynamic and cultural office hub in this submarket and thus leverage its urban potential.
'In addition to future-proof new work space concepts with a high proportion of communicative communal areas and different working landscapes, this also includes a sustainable modernisation of the building.'
The purchase is part of Coros' growth strategy: back in June the company made its first acquisition in Munich with the office property Gustav. Further transactions in Germany and Europe are already in the pipeline and are planned to be realised this year.
Catella brokered the purchase of the building.
Wegnerpartner, Mocuntia Real Estate Advisors (Technical), Kapellmann and PKF (Tax) also acted as advisors.