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Newmark has brokered the sale of a pure office building at Prinzregentenplatz 7–9 in Munich. The seller of the fully let property is Union Investment, the buyer is a company managed by CONREN Land. With around 21,400 square meters of rental space, this is the largest office portfolio transaction in Munich in more than three years by purchase price volume. The sale was accompanied by Newmark's Capital Markets team in Munich.
"The transaction confirms that attractive prices can continue to be achieved for modern office buildings in lively and urban locations," says Marcus Lütgering, Country Head Germany at Newmark. "It is encouraging that despite the challenging market phase, large-volume trophy assets in prime locations with stable cash flows will continue to be in demand from national and international investors."
The property is located directly opposite the Prinzregententheater and thus in one of the most prestigious locations in the Bavarian capital. The main tenants include GSK GlaxoSmithKline and Immobilien Bayern (ImBy). The combination of a central location, high-quality buildings and a stable tenant structure makes the property a particularly sought-after asset.
Jan Isaakson, Executive Managing Director and Head of Capital Markets Munich at Newmark, adds: "The sale at Prinzregentenplatz is a strong signal for the Munich office investment market. Due to its volume, this transaction sets an important benchmark in a selective market environment."
According to Newmark's market analysis, the Munich investment market continues to be characterized by clear differentiation. While secondary properties are examined more selectively, core properties in prime locations with a high occupancy rate continue to be the focus of institutional investors.
