BERLIN-The global insurance firm Allianz has sold its 32-story Treptowers office building here for an undisclosed amount. A purchase of the 377,000-square-foot tower, the tallest office building in the city, was made jointly by a fund co-advised by AEW Europe and Tristan Capital Partners, and locally-based Caleus Capital Investors.
Allianz occupies about 75% of the building, and the tower is capped by the company’s sign at the top. The company was represented by its subsidiary Allianz Real Estate Germany in the sale.
The Treptowers property, in the Alt-Treptow district of the city, includes three other office buildings, built on the site of a former electric plant. The office complex cost $710 million to build in 1998. An AEW spokesman did not return questions about the sale in time for this story.
Tristan and AEW typically manage the investment fund EPISO LP, which has already purchased about 2,600 apartments in Berlin. This is the first purchase of a Berlin office for the fund. Gereon Kohlgrueber with AEW said in a statement that the venture with Caleus will continue to acquire apartments, and will also “invest at least an additional $141 million in office buildings within the next six to 12 months.”
Tristan is a London-based investment management firm. AEW Europe is a subsidiary of Natixis Global Asset Management. Caleus is a locoal investment management company founded and led by Ulrich Weber and Patrick Reich, focusing on residential and office.
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