GARBE Institutional Capital has sold the Ypsilon Park office complex in The Hague, the Netherlands, to Focus Real Estate, Molsbergen Development and private investors.
Ypsilon Park comprises a total of approximately 27,500 m² of office space. The sale was on behalf of one of its funds and CBRE managed the tender process.
Ypsilon Park consists of an office building dating from 1939, most of which is let to EY, and also the Ypsilon office building, which was built in the 1970s. The property is prominently situated on Wassenaarseweg next to Arendsdorp Park in the centre of the Benoordenhout district.
Originally built as a sales office for a popular oil company, Ypsilon Park underwent a comprehensive refurbishment including sustainability measures. Approximately 2,600 m² of office space remain available for new tenants.
The new owner is working on a development plan, to transform the office building into apartments. The objective is to realize a sustainable mixed-use project by refurbishing the existing property in the first place.
Molsbergen Development will manage the development. Rabobank co-financed the transaction. Six Legal, Rechtstaete, DVAN Advocaten, Nijendijk Legal and Van der Stap Notarissen acted as advisors to the buyer. BarentsKrans (legal) and Deloitte (tax) advised the seller. CBRE supervised the transaction both commercially and technically on behalf of the seller.
