(January 11, 2017) - Hines, the international real estate firm, has secured leading international fashion retailer Primark as the anchor tenant for its new 181,910-square-foot mixed use development in Berlin.
The Ireland-based clothing retailer has leased 69,800 square feet of the 122,700 square feet of retail space at ‘ZOOM,’ located in the City West quarter between the Zoo railway station and Kurfürstendamm. ‘ZOOM’ will be completed in 2018. Primark has signed a long-term lease for the basement and first three floors of the building.
With its 492-feet-long, three-story glass facade, ‘ZOOM’ offers optimum storefront visibility and brand awareness, as well as extensive advertising opportunities on the railway side of the project.
Primark will complement the wide range of existing retail offerings at this busy and prominent location and will have a positive impact on the development of the quarter and the further development of City West.
Christoph Reschke, Hines managing director: "Signing this lease is a confirmation of our development plan. The micro location is experiencing a considerable increase in footfall, which will have a positive impact for other tenants. Signing the lease with Primark underlines the fact that our ‘ZOOM’ commercial center is an excellent investment in the best location in the revived City West."
Joachim Wintzer, Hines director: "With Primark, we are delighted to have found an anchor tenant for ‘ZOOM.’ This is the largest tenancy agreement signed in the retail sector in Berlin in 2016, and we are very proud of this. We are already conducting advanced negotiations with other tenants."
Hines is building a modern office and commercial center on the site between Joachimsthaler Strasse, Kantstrasse, and Hardenbergstrasse based on designs by Hascher Jehle architects. Around 59,202 square feet of office space will be created on the fourth to sixth floors. Marketing of the commercial space still available is already in full swing and the signing of an office lease has been announced for the first half of 2017.
LÜHRMANN Berlin GmbH & Co. KG was involved in the Hines acquisition of the retail tenant.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 192 cities in 20 countries. Hines has $93.2 billion of assets under management, including $47.9 billion for which Hines provides fiduciary investment management services, and $45.3 billion for which Hines provides third-party property-level services. The firm has 105 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,180 properties, totaling over 379 million square feet. The firm’s current property and asset management portfolio includes 483 properties, representing over 199 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world.
Since the opening of the German office in 1991, via Hines Immobilien GmbH, Hines has acquired or developed 37 properties representing approximately 1.6 million square meters for Hines or third parties, including high-profile properties such as Maintower and Silberturm in Frankfurt, Sony Center and Wohnpark Südkreuz in Berlin, Hofstatt, Uptown München and OSKAR in Munich, Überseequartier Nord in Hamburg, Benrather Karree and Kö-Quartier in Dusseldorf as well as Postquartier and Kronprinzbau 1+2 in Stuttgart. In Germany, Hines Immobilien GmbH currently manages real estate assets with a total value of approximately 3.8 billion Euros as an asset or development manager.
Visit www.hines.com for more information.