Global asset and investment management firm LaSalle Investment Management has acquired an office property in Berlin from pan-European real estate specialist Patrizia.
Financial details were not disclosed.
The multi-let office building dubbed Goethe 85, which was completed in 2004, comprises 8,600 m2 of space across seven floors. It is fully let to 11 tenants across a range of sectors including insurance, research, legal and media.
The asset is located in Charlottenburg, separated from Berlin Mitte by the Tiergarten, in the former commercial centre of West Berlin.
Matthias Eder, director fund management office at Patrizia, commented: 'We are pleased to have completed this transaction and leveraged the positive momentum in the Berlin office market to crystallise positive returns for our client following the conclusion of our business plan for this asset.
'Our asset management, fund management and transaction teams were able to once again deliver outstanding performance and value for our institutional clients.'
Patrizia was advised by Cushman & Wakefield, Berlin, and K+L Gates, Berlin.