Stuttgart
Office building at Torstraße 15
Office building in Stuttgart sold
Effective 31 March 2008, we sold our office building at
"Torstrasse 15" in Stuttgart for € 18,230,000 an impressive
corner building located in the city center and within walking
distance of the pedestrian zone. We had originally acquired
the office and commercial building in February 2007, investing a
total of € 14,927,000, despite the fact that the lease agreement
with the main tenant will expire at the end of 2008. In the
3rd quarter of 2007, we were able to conclude a lease agreement
for an area of 4,700 m² and a term of twelve years with Barmer
Ersatzkasse, one of the largest statutory health insurance companies
in Germany. As of 31 December 2007, the valuation gains
for the property amounted to € 423,000. We will carry out
planned tenant modifications in early 2009. Considering all contractual
obligations (construction costs and compensation for
rent default estimated at € 1,920,000), we achieved gains
from sale of € 964,000 (preliminary) upon transfer of possession
on 1 May 2008.
Description of the Property
The six-storey office and commercial building was built in 1989 as a massive construction. It has two underground levels, a third underground level with a partial basement, five full floors (ground floor up to fourth floor) and a mezzanine floor. With 48 parking lots, the building's underground car park provides sufficient parking space for tenants and visitors. The façade consists of high quality natural stone slabs with steel elements such as corner, border and gate ornaments. The building has external solar protection. The floors are accessed via two staircase cores with two elevators each. The excellently equipped office floors are designed as single- and double-corridor layouts. The entire office space can be illuminated and ventilated naturally.
The location
The modern office and commercial building is located within the "City Ring" of the city centre of Stuttgart and forms the corner between Torstraße and Hauptstädter Straße, highly effective for advertising purposes. In particular, its location in the centre of Stuttgart makes it easy to find, with easy access to the local public transport network and short distances to the nearby retail facilities.
The property has an excellent infrastructure and access to public transport. The Hauptstädter Straße, one of Stuttgart's most important arterial routes, guarantees an excellent connection by car to the outer districts as well as with the long-distance transport network. The underground train stations Österreichischer Platz and Rathaus are within walking distance, likewise providing excellent access to the local public transport system. The property's city centre location provides optimum opportunities for shopping, dining and leisure time.