German open-ended funds continue to buy US real estate while prime investment opportunities in Europe remain limited. David Sands of EuroProperty reports.
Degi has paid $148m for two office buildings in New York’s financial district, while BfG has made a $100m purchase in Chicago.
The New York properties at 99 and 95 Wall Street, provide 8,600 sq m (92,600 sq ft) and 45,000 sq m (484,000 sq ft) respectively, and the main tenant is Chase Manhattan Bank. Degi, which already owns 67 Wall Street, is not disclosing the identity of the vendor.
In Chicago, BfG has paid $100m for 150 North Michigan Avenue. LaSalle Investment Management advised the fund.
Meanwhile, German mutual fund BBVI has bought 33 Maiden Lane in downtown Manhattan for a reported $75m from US property magnate Stephen Witkoff. Witkoff recently made his debut in the UK with the £180m purchase of Shell-Mex House in London.
EGi News 09/11/99
