May
24
Vienna’s Most Sought After Office Skyscraper Changes Owner
ByWhen the skyscraper last traded hands, in 2010, the reported amount cashed in by former owner MEREIT was roughly $237 million.
Donaupark in Vienna, Austria. Iris lake and IZD Tower in the background
Vienna—CBRE Global Investors recently closed the acquisition of the 39-story, 700,000-square-foot IZD Tower in Vienna. Working on behalf of Korean separate account clients, CBRE GI acquired the property from a German fund managed by investment management company SIGNA. The seller was advised by CBRE and Eastdil Secured.
The sale of the IZD Tower is the most important Austrian real estate transaction of the last couple of years. Though financial terms have not been disclosed, EuroProperty.com reported last year that SIGNA’s initial asking price was €270 million, or approximately $300 million. When the skyscraper last traded hands, in 2010, the reported amount cashed in by former owner MEREIT was roughly $237 million…
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