Berlin: TLG signs lease with district administration, Kapweg now fully let

11/01/2019

The administrative authority for Berlin’s Mitte district has rented around 2,000 sqm of office space, and with it the last available space at Kapweg 3-5 in the district’s Wedding neighborhood. The building, acquired by TLG Immobilien at the end of 2016 with a vacancy rate of almost 60%, is now fully occupied. hello.de Berlin has also signed on as a tenant. The property was built in 1997 and has around 18,200 sqm of total lettable space. TLG reports that the average rent in the property is currently at €13.68/sqm, up from €8.06/sqm at the time of acquisition. Since then, the property’s annual net cold rent has risen from €0.7mn to €3.0mn, and its value has climbed from €30.6mn to €46.0mn.


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