Generali and Poste Vita buy “The Westlight” in Berlin
Generali Real Estate and Italian insurer Poste Vita have jointly acquired the office building “The Westlight” in Berlin’s City West. The seller of the 15-story structure on the corner of Budapester Straße 35 and Kurfürstenstraße is Barings Real Estate, who will be building about 19,500 sqm office and retail space at that location by the middle of next year. The headquarters of Berliner Volksbank were previously located on the site; that building was demolished between August 2017 and January 2018. The drafts for the new building come from Grüntuch Ernst Architekten. Tenants will be Greenberg Traurig (nearly 7,000 sqm) and an “internationally known tenant”, also almost 7,000 sqm, as Barings announced in May at the topping-out ceremony. The purchase price was not communicated, but is estimated in market circles at somewhat over €200mn. This is the second joint acquisition for the Italian joint venture after closing on the Marienforum in Frankfurt.
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