Westcore Sells Vienna Office for $39M
- Jul 23, 2008
Westcore Properties has announced the sale of a Class A Austrian office building. The 125,000-square-foot property sold for $39.2 million (24.5 million Euros) to Credit Suisse Asset Management Immobilien Kapitalanlagegesellschaft mbH. The six-story building is located in Vienna’s Wienerburg submarket. The sale of the building represents a substantial profit for Westcore. The firm initially purchased the building as part of a three-building portfolio from Philips Electronics NV in February of 2007. The sale comes after Westcore spent over a year working on renovating and instituting processes to add value to its property. Marc Brutten, Westcore’s chairman, explained the firm’s strategy in a release: “Our team improved the physical plant and exterior while renegotiating the major leases to new 10-year terms, creating significant value.” The purchase and sale of the property have been transacted through the firm’s European division, Westcore Sarl. This division has been very active recently in Central Europe, having acquired 1.6 million square feet of office space in Switzerland and Austria within the past 15 months. Westcore Properties has opened an office in Lausanne, Switzerland to coordinate is European business. CPN reported in May that the San Diego-based firm has also made inroads into European airport development with the opening of Airport Development Partners SA, which is currently pursuing airport projects in Austria, Switzerland and Poland. The firm will perform duties including the negotiation of land acquisition on parcels adjacent to airports for the development of cargo and logistics facilities. The firm has allocated $100 million to the project.