PATRIZIA has extended its lease with the Federal Institute for Real Estate (BImA) in the Shell building at Reichpietschufer 60-62 in Berlin for a further ten years. The user of the areas in the Tiergarten district is the Federal Ministry of Defence. The contract extension is one of the largest lettings on the Berlin office market in recent years.
The total letted area is around 18,400 square metres. Of this, 16,700 square metres will be office space and 1,700 storage space. In addition, the contract includes 160 car parking spaces.
The listed Shell House is an established office location in a central location on the Landwehr Canal. It was built between 1930 and 1932.
“We succeeded in extending the lease in a market environment that continues to be challenging, characterised by increased space availability and subdued demand. With the long-term commitment of a public user, we have created a reliable basis for stable, predictable returns in the portfolio,” says Martin Odenwald, Head of Investment Management Office DACH at PATRIZIA.
