German open-ended funds have continued to target US real estate while prime investment opportunities in Europe remain limited. Degi has paid $148m for two office buildings in New York’s financial district and BfG has made a $100m purchase in Chicago.
The New York properties – 99 and 95 Wall Street – provide 8,600m2 and 45,000m2 respectively, and the main tenant is Chase Manhattan Bank. Degi, which already owns 67 Wall Street, is not disclosing the identity of the vendor.
BfG paid $100m for 150 North Michigan Avenue in Chicago. 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.
