Erlenhöfe Office Park, Berlin, Germany
Erlenhöfe Office Park, Berlin, Germany
Erlenhöfe Office Park is a prominent, well-situated office campus consisting of six office buildings with three levels of underground parking. The property is located at a former AEG scientific research facility and was developed in stages, with the older buildings – constructed between 1895 and 1928 – having been refurbished and thoroughly modernized in 1993. In 1997, new office buildings with glass facades were added, to form an appealing and coherent office park complex. The buildings are located in the Berlin-Reinickendorf district close to its border with Mitte (central Berlin).
Westcore acquired the campus in 2014 from a German real estate fund. Due to a lack of resources, the fund had neglected the management of the buildings and failed to invest in ongoing improvements. They had a vacancy rate of around 40%. Following acquisition, Westcore immediately commenced refurbishment of the vacant and common areas. Assisted by an improving Berlin leasing and investment market, Westcore improved occupancy to around 90%, before selling the campus in 2016, well ahead of the original business plan.
