{"id":1004090040,"date":"2014-01-20T07:05:29","date_gmt":"2014-01-20T15:05:29","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004090040"},"modified":"2022-12-09T02:15:34","modified_gmt":"2022-12-09T10:15:34","slug":"commerz-real-picks-up-174m-office-project-for-real-estate-fund-in-germany","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/commerz-real-picks-up-174m-office-project-for-real-estate-fund-in-germany\/","title":{"rendered":"Commerz Real Picks Up $174M Office Project for Real Estate Fund in Germany"},"content":{"rendered":"<p><i>By Eliza Theiss, Associate Editor<\/i><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/01\/Neue-Direktion.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004090043\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/commerz-real-picks-up-174m-office-project-for-real-estate-fund-in-germany\/neue-direktion\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/01\/Neue-Direktion.jpg\" data-orig-size=\"800,600\" 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;1389093718&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=\"Neue Direktion\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/01\/Neue-Direktion.jpg?w=800\" class=\"alignleft size-medium wp-image-1004090043\" alt=\"Neue Direktion\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/01\/Neue-Direktion.jpg\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/01\/Neue-Direktion.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/01\/Neue-Direktion.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/01\/Neue-Direktion.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p>Commerz Real, a fully-owned subsidiary of Commerz Bank AG, has signed an acquisition agreement with HOCHTIEF Projektentwicklung for the Neue Direktion K\u00f6ln (New Direction Cologne) project located in Cologne, Germany\u2019s fourth largest city. Commerz Real made the acquisition on behalf of its open-ended real estate fund hausinvest, investing around $174.2 million (\u20ac128 million). The transaction was handled by Colliers International Deutschland.<\/p>\n<p>The property, currently undergoing a massive redevelopment process, is expected to offer 230,347 square feet of office space upon its completion in early 2016. The asset is 100 percent pre-leased by the European Aviation Safety Agency (EASA) for a 20-year term, expected to set up its headquarters on location by spring 2016. The European Parliament-controlled agency also has a renewal option on the space.<\/p>\n<p>Neue Direktion K\u00f6ln is the redevelopment of the historic 1913-built former administrative headquarters of the Cologne Railway Authority (Eisenbahndirektion K\u00f6ln). Kicked off in early 2013 by HOCHTIEF Projektentwicklung subsidiary HOCHTIEF Projektentwicklung Gmbh Niederlassung Rhein-Ruhr, the riverfront development has already started the complete gutting of the structure to make way for state-of-the-art office space. Certain historical details of the building will be preserved, such as select staircases and lobbies, as well three of the building\u2019s neoclassical facades, including the Rheinuferstrasse frontage. The project will also be expanded with three modern recessed floors on top of the building with wrap-around terraces, evocative of the building\u2019s stunning mansard roof that was never restored after suffering extensive damage during World War. A fourth set back story will be located atop the central entrance portal and will mark the building\u2019s highest point. An underground facility will provide 120 parking spaces.<\/p>\n<p>Neue Direktion K\u00f6ln\u2019s design is acclaimed not only for enriching Cologne\u2019s skyline and successfully combining historic and modern features, but also for its sustainability \u2013 the project is German Sustainable Building Council (DGNB) Silver pre-certified and is targeting a full Silver certification upon completion. The development was designed by German architectural firms kadawittfeldarchitektur\u00a0and Acrhitektb\u00fcr\u00f6 Graf &amp; Graf. The firms received the assignment after winning an anonymous design competition for the project in 2012.<\/p>\n<p>Centrally located in Cologne, on the Rhein\u2019s west bank, Neue Direktion K\u00f6ln is within walking distance of old town Cologne\u2019s and the CBD\u2019s shopping and dining, as well as the main railway station which offers direct lines to three major international airports. The project also has easy access to the city\u2019s highway belt.<\/p>\n<p>Commerz Real is a fully-owned subsidiary of Commerz Bank AG and handles services such as asset management, fund products such as bespoke financing solutions, equity investment in real estate, regenerative energy, aircraft and ships. Commerz Real is also the leasing company of Commerzbank Group.<\/p>\n<p>Commerz Real\u2019s open-ended real estate fund hausinvest, established in 1972, is one of the largest in Europe. It consists of more than 100 commercial real estate assets in 17 different countries and is comprised of nearly 60 percent office assets, 30 percent retail assets , tourist and business hotels and logistics centers located in close proximity to international transportation hubs.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Commerz Real has signed an acquisition agreement  for a 230,000-square-foot office space in Cologne, Germany\u2019s fourth largest city, for $174 million on behalf of its open-ended real estate fund.<\/p>\n","protected":false},"author":49,"featured_media":1004090043,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16,21742,21747],"tags":[],"class_list":["post-1004090040","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-international","category-latest","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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