The German asset and investment manager KGAL has sold the MGC Office Center in the largest office transaction in Vienna, Austria, this year.
The 24,000 square meter Vienna Erdberg office was sold through the OTTO Immobilien brokerage.
The MGC Office Center was acquired as part of a structured bidding process, and the parties have agreed not to disclose the purchase price.
The BREEAM-certified building on Modecenterstr. 14, 1030 Vienna is leased to several public sector companies on a long-term basis. KGAL acquired the building for the Jelisa Fund in 2000 and has since managed and modernised it.
Christoph Lukaschek, Head of Investment at OTTO Immobilien, says, “The good letting situation combined with the BREEAM certification were the key factors in the successful marketing of this property. There is still demand for such products on the Vienna real estate market.”
Georg Kretschmer, Team Leader Capital Markets at OTTO Immobilien, adds, “We are pleased that we were able to successfully place this transaction on the market despite the challenging market environment. We would like to thank KGAL for their trust and everyone involved for the excellent, always constructive cooperation.”
