In connection with its value-add strategy, multi-family office DERECO acquires a listed office property with lettable floorspace amounting to approx. 3,500 sqm. The building at 60, Max-Brauer-Allee was constructed in 1952/53 according to plans by Bernhard Hermkes, one of the most prominent representatives of post-war architecture in Hamburg. The building last underwent refurbishment in 1986. Hamburg University is the anchor tenant of the property hosting several faculties and research institutions here.

Tassu Degen, DERECO’s Managing Director, says: “The Hamburg metropolitan region is one of Germany’s most competitive areas set to rise even further as it is home to a skilled workforce, innovative companies and renowned research institutions. Beautifully located in Hamburg-Altona, the property immediately struck us with its excellent connections to local infrastructure. The office building we’ve bought is just a short ride away from the Elbe river and numerous sights of Hamburg.”

Jörg Kohlhaus, Head of Investment & Asset Management at DERECO, says: “With its combination of stable cash flow and medium-term potential, this property is particularly interesting for us. It is an ideal complement to our existing portfolio. What’s more, the historic building has convinced us with its timeless design reflected by the penthouse-type top floor and its distinctive flat roof supported by delicate round pillars. With its clear lines and simple elegance, the house is an architectural highlight within the cityscape worth preserving.”

The five-floor office building in western Hamburg features 36 parking spaces and is located within walking distance from Altona Station, a central junction within the public transport network of Hamburg. The Station is served by numerous buses and light-railway lines plus regional and national trains connecting Hamburg with other big cities in Germany. The trendy Sternschanze neighbourhood and the city centre are just a 15-minute ride away. A number of nearby shops, restaurants and cafes add to the appeal of the spot.

For this transaction, the buying party received advice from the Berlin branch office of the TaylorWessing firm and from BMP Baumanagement GmbH, Hamburg. COLLIERS acted as agents. It was agreed not to disclose the selling price.