{"id":1004067338,"date":"2013-02-15T08:12:32","date_gmt":"2013-02-15T16:12:32","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004067338"},"modified":"2022-12-02T16:18:46","modified_gmt":"2022-12-03T00:18:46","slug":"hines-picks-up-mercedes-benz-bank-building-in-germany","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hines-picks-up-mercedes-benz-bank-building-in-germany\/","title":{"rendered":"Hines Picks Up Mercedes-Benz Bank Building in Germany"},"content":{"rendered":"<p><em>\u00a0<\/em><em>By Eliza Theiss, Associate Editor<\/em><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/02\/Mercedes-Benz-Bank-Building.jpeg\"><img decoding=\"async\" data-attachment-id=\"1004067340\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/hines-picks-up-mercedes-benz-bank-building-in-germany\/mercedes-benz-bank-building\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/02\/Mercedes-Benz-Bank-Building.jpeg\" data-orig-size=\"800,468\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Mercedes-Benz Bank Building\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/02\/Mercedes-Benz-Bank-Building.jpeg?w=800\" loading=\"lazy\" class=\"alignleft size-medium wp-image-1004067340\" title=\"Mercedes-Benz Bank Building\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/02\/Mercedes-Benz-Bank-Building.jpeg\" alt=\"\" width=\"300\" height=\"175\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/02\/Mercedes-Benz-Bank-Building.jpeg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/02\/Mercedes-Benz-Bank-Building.jpeg?resize=300,176 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/02\/Mercedes-Benz-Bank-Building.jpeg?resize=768,449 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p>International real estate firm Hines purchased the Mercedes-Benz Bank Building in Stuttgart, Germany. The property was acquired by Hines Global REIT, Inc. from DDE 24 Ltd, a transaction initiated by Colliers Br\u00e4utigam &amp; Kr\u00e4mer. Debt financing for the acquisition, Hines Global\u2019s first in the German market, was provided by local bank LBBW, Landesbank Baden-W\u00fcrttemberg.<\/p>\n<p>Located at Siemenesstrasse 7, in Stuttgart\u2019s northern end, near the central business district, the property comprises two separate six-story buildings for a total surface of 263,038 square feet. Completed in 2003, the asset is 100 percent leased, with Mercedes-Benz Leasing GmbH taking up most of the property, while two cafeterias occupy some street-level space. The asset features a two-level, 540-space underground car park.<\/p>\n<p>According to Bloomberg\u2019s coverage of the story, Mercedes-Benz Leasing GmbH holds the lease though January 2018. The news outlet also reported that a $69.8 million (\u20ac51.9 million) selling price for the asset.<\/p>\n<p>&#8220;The Mercedes-Benz Bank Building is a high-quality asset with a strong tenancy that complements Hines Global REIT&#8217;s existing portfolio,\u201d said Charles Hazen, president and CEO of Hines Global REIT ina news release. \u201cGermany&#8217;s economy is one of the strongest in Europe, and by purchasing this asset, we have increased the geographic diversity of the REIT to a fifth country outside of the U.S.&#8221;<\/p>\n<p>Senior Managing Director Hines Germany Alexander Modell also attributes Hines Global REIT&#8217;s decision to purchase the asset to the strength of the German economy. He also motivated the decision by the property\u2019s appeal due to its location, \u201cits access to public transportation as well as its high visibility.&#8221;<\/p>\n<p>The property\u2019s tenant, Mercedes-Benz Bank AG, is a leading automotive bank in Germany. The Stuttgart-based company is a subsidiary of Daimler Financial Services, the Daimler Group&#8217;s worldwide provider of financial services.<\/p>\n<p>Hines Global REIT\u00a0is a public, non-traded real estate investment trust sponsored by Hines that owns interests in 26 real estate investments located in the United States and internationally.\u00a0 While this is Hines Global\u2019s first foray into the German market, Hines itself holds 14 assets in Germany, in cities such as Berlin, D\u00fcsseldorf or Frankfurt, among others.<\/p>\n<p><strong>Like us on facebook:<\/strong><em><a title=\"Commercial Property Executive\" href=\"https:\/\/www.facebook.com\/pages\/Commercial-Property-Executive\/258033884191\">\u00a0https:\/\/www.facebook.com\/pages\/Commercial-Property-Executive\/258033884191<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>International real estate firm Hines purchased the Mercedes-Benz Bank Building in Stuttgart, Germany, for a reported $70 million.<\/p>\n","protected":false},"author":49,"featured_media":1004067340,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16,21783,21742,21747],"tags":[],"class_list":["post-1004067338","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-international","category-investment","category-latest","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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