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