Europe-based developer and investor Art-Invest Real Estate has bought Living Office in Düsseldorf for an undisclosed sum.
Living Office, which has 20,000 square meters of rental space and around 380 parking spaces, was sold by a special fund of Schroders Capital.
The office is at the intersection of Rather Straße 110a and Derendorfer Allee 33 in the Unternehmerstadt business district. It features modern office spaces, gastronomy, and also fitness facilities, offering tenants a flexible and urban working environment. Part of the building dates back to 1916. It was extensively renovated in 2004 and an extension was added in 2009.
Art-Invest Real Estate aims to upgrade the property to a sustainable, multi-tenant office complex.
It says, “The modern property is an ideal addition to our portfolio in our state capital. The Living Office offers enormous potential due to its central but quiet location. We recognized this immediately, which is why we are repositioning the attractive property as part of our ‘manage-to-core’ and ‘manage-to-sustainability’ strategies and making the building ecologically and functionally fit for the future.”
Art-Invest Real Estate received legal advice from Noerr Partnerschaftsgesellschaft and also technical advice from WITTE Projektmanagement. Schroders Capital received legal guidance from GSK Stockmann. The broker was BNP Paribas Real Estate.
