Stena Realty sells Paviljoensgracht 1-3 in The Hague to Focus Real Estate
International real estate investor Stena Realty has sold an office building in The Hague to Focus Real Estate. Focus bought the building with the intention to convert most of it into apartments. The building at Paviljoensgracht 1-3, known as Het Paviljoen, has six storeys and a gross floor area of 10,000 sq. m. There is a car park located under the building with 51 parking spaces.
The acquisition gives Focus Real Estate the opportunity to increase the scope of their residential portfolio. The top five storeys will be used for residential purposes. The offices on the ground floor and the first floor are rented by the City of The Hague on a multi-year lease.
CBRE advised Stena Realty during the transaction, and law firm Houthoff provided Stena with legal guidance.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers from more than 450 offices (excluding affiliates) worldwide. CBRE offers strategic advice and guidance in property sales and leasing; corporate services; property, facilities and project management; appraisal and valuation; development services; investment management; and research and consulting. Please visit our websites at www.cbre.nl and www.cbre.com.