For our fund “Commodus Deutschland Fund II SCSp, RAIF”, we acquired the property Am Borsigturm 40, 42, 48 and 50 in Berlin-Tegel in the course of an asset deal from Gewerbepark am Borsigturm GmbH, a real estate company of the steel and technology group SALZGITTER AG. The former start-up centre with a small-scale tenant structure has around 7,000 square metres of office space and is currently fully let. The transaction was brokered by BNP Paribas Real Estate. Jenckel Law, Hellriegel Rechtsanwälte, BRAND BERGER Real Estate Consulting and PKF acted as advisors to Commodus.
The office property is located in an up-and-coming micro-location, which is characterised by its proximity to innovative technology and well-known large companies as well as to the shopping centre ‘Hallen am Borsigturm’. In addition, the development area of Tegel Airport is only two kilometres away. An innovation park for urban technologies and a future-oriented city quarter are to be built here in the coming years.
The structural flexibility of the property allows it to be let to a variety of innovative office concepts. From the end of 2021, we plan to modernise and re-let larger sub-areas. The space on offer will range from open lofts to classic, separate office units. A beautification of the outdoor area and the creation of high-quality common areas is also planned.
The location of the property in Berlin-Tegel, which was built in 1997, offers an attractive alternative to more central Berlin office locations due to its good connections to both the public transport network (Borsigwerke underground station and Tegel S-Bahn station) and private transport (via the A111 motorway). On the site of Tegel Airport, which is only about two kilometres away, a new urban quarter, an innovation park for urban technologies and a landscape park are also planned with the “Berlin TXL” project.
Abstract:
- Approximately 7,000 square metres of lettable office space
- Close to tech companies, shopping centre and Berlin TXL project
- Former start-up centre with small-scale tenant structure
- Development prospects through modernisation and reletting
