Commerz Real sells ITO | SOM complex in Amsterdam

Commerz Real Investmentgesellschaft mbH and Union Investment Real Estate GmbH have agreed to the sale and purchase of the international business centre ITO|SOM in the heart of the Amsterdam South Axis.

The property is sold for circa € 244 million. Union Investment will add the property to its open-ended real estate fund UniImmo: Europa.

ITO|SOM is one of the most prestigious office complexes in the Netherlands. The property comprises approximately 51,980 sq. m of high quality office, retail and ancillary space and offers 1.784 parking spaces in the underground parking garage. The space is divided over a low-and high rise structure. The high rise (ITO) was designed by urban architect Toyo Ito and the design of the low rise (SOM) with the glass and aluminum façade was done by architectural bureau Skidmore, Owings & Merill.

The property holds an Energy Label A, but Union will apply for a BREAAM In-Use Certificate. A BREAAM Very Good classification is expected for the asset.

The property is multi-let to a total of 49 high-quality tenants, predominantly operating in the area of finance, law and consultancy. The two principal entrances to the complex are at Gustav Mahlerplein and at Gustav Mahlerlaan. A secondary access is located at Claude Debussylaan.

During the sale process Union Investment Real Estate GmbH was supported by Savills and NautaDutilh. CBRE and Houthoff Buruma acted on behalf of Commerz Real Investmentgesellschaft mbH.