Hines JV Buys Hamburg Office Campus
- Jul 17, 2018
Hines and Ärzteversorgung Westfalen-Lippe have acquired Olympus Campus, an approximately 500,000-square-foot office building being constructed in Hamburg, Germany, from Campus Properties 1, a joint venture between Zech Group and Olympus.
Per terms of the deal, the sellers will maintain responsibility for completing the building. Hines served as the investment manager in the deal and will handle management of the 11-story property.
Designed by Hamburg architecture firm gmp (Gerkan, Marg and Partners), the building will be situated in City Süd at Heidenkampsweg/Wendenstrasse.
“City Süd will be further enhanced and will continue to develop very successfully in the future,” Kai-Magnus Schulte, Hines Immobilien GmbH’s director, said in a prepared statement. “The Olympus Campus will be regarded as one of the most advanced and sustainable buildings in that high-profile location.”
Pöllath+Partners advised Hines on the acquisition. The joint venture sellers were advised by PwC Düsseldorf. Transaction support was also provided by CBRE Hamburg.
Olympus’ EMEA Base
When finished, the building will be utilized by Olympus, which will occupy nearly 409,000 square feet under a long-term lease. It will serve as the company’s head office for Europe, the Middle East and Africa. Additionally, Design Offices has leased 96,875 square feet in the building.
“With Ärzteversorgung Westfalen-Lippe, we have found a new owner for the property that is making a strategic, long-term investment,” Stefan Kaufmann, Olympus Europe’s executive managing director, said.
Olympus Campus is set to boast flexible modern floor plans and be geared toward sustainability. In this regard, it is seeking gold-level certification under the DGNB system. The building, which will also offer 505 parking spaces, is expected to be completed by the end of 2020.
Earlier this month, Hines partnered with funds managed by Oaktree Capital Management on the acquisition of Beckman Coulter Campus, an approximately 576,200-square-foot property in Brea, Calif.
Image courtesy of Hines