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State of Berlin commits to new lease – KGAL Investment Management has secured a lease extension with the State of Berlin for more than 14,000 sq m of space in the Jannowitz Center in Berlin.
The occupier is the State of Berlin’s Department for the Environment, Transport and Climate Protection which has been a long-term occupier in the building and has taken a new 10-year lease with options to extend.
The Jannowitz Center was built in 1997 and consists of 31,700 sq m of space in a complex which rises to 10 storeys. It is located in Berlin-Mitte, one of the city’s most desirable office locations and has close to links to the S-Bahn and U-Bahn networks.
KGAL acquired the asset in 2015 for a special AIF and has been managing the asset since its acquisition. It is carrying out a two-year refurbishment programme which will create modernised space plus new entrance areas and lobbies.
André Zücker, Managing Director of KGAL Investment Management with responsibility for real estate commented: "The long-term commitment of the State of Berlin to the Jannowitz Center is an excellent result of our active asset management approach which develops bespoke solutions which meet the individual needs of our occupiers. With this strategy we can deliver sustainable increases in asset values for our investors.”
Please credit KGAL GmbH & Co. KG when using the image.