BNP Paribas Real Estate Investment Management (REIM) Germany recently secured THE FIVE office property located in Düsseldorf for one of its Luxembourg-based investment companies. The transaction is scheduled to be finalized in Q2 2022 following completion of the property. The high-end property designed by Development Partner property developers features over 5,700 sqm of office space. The contracting parties have agreed not to disclose the purchase price.
“The Düsseldorf office real estate market is the most stable among Germany’s top 7 office markets and is characterized by consistently high demand and very low vacancy. The high pre-letting rate of roughly 70% of current office developments in the city reflects the market’s stability and how attractive Düsseldorf is as an office location,” Isabella Chacón Troidl, Chief Investment Officer of BNP Paribas REIM Germany, explains the planned acquisition. “We expect office rents in Düsseldorf, a heavyweight in the Rhine-Ruhr region, to continue to rise. This high-quality property situated in a popular office location will benefit tremendously from that trend.”
The property is located in the immediate vicinity of prestigious Cecilienallee along the Rheinpark river promenade with a variety of daily amenities nearby. The asset features more than 5,700 sqm of office space on seven floors as well as a useable rooftop terrace, a landscaped courtyard and the option to position a café on the ground floor. The office space at the property can be flexibly designed to meet tenant requirements with layouts ranging from individual offices and team solutions to open-plan concepts. The property will also feature 62 parking spaces, most of which will be located in the underground parking structure. In terms of sustainability, the plan is to have the property LEED Gold certified.
THE FIVE is being built in replacement of an older structure designed by RKW Architekten. Construction has already begun and is scheduled for completion by Q2 2022. The office property enjoys excellent access to transportation thanks to its location on Uerdinger Straße 5 on the Kennedybrücke, which is situated at the northern edge of Düsseldorf’s core city zone near the Rhine. That puts the property only a few minutes away from the trade fair and airport. The development also includes a neighbouring residential development that is not part of the current transaction.
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