Iconic New Babylon complex sold to Hannover Leasing
Icon Real Estate sold the New Babylon complex in The Hague to CORESTATE, which for the first time has acquired a property for the large Danish pension and insurance company PFA Pension via its subsidiary Hannover Leasing. Initially opened in 1978 as the Babylon complex, the building was completely redeveloped in 2012 to meet the current market standards. New Babylon measures approximately 49,000 sq. m. and offers office spaces and other amenities and services. New Babylon is let to a diverse range of (inter)national tenants including but not limited to TNO, Property Works, Neuberger Berman, Coolblue and NLO.
The complex is located in the The Hague’s central business district located adjacent to the central station. The location has proven itself as a prime location for occupiers to settle due to the excellent accessibility both locally and internationally combined with a vibrant environment. This has resulted in a highly competitive and dynamic office market.
Icon is a market-leading and innovative real estate company that focuses on prime office assets in the Benelux region. Icon’s transformation included the entire repositioning of New Babylon and has, amongst others, added an outstanding suite of services and amenities to meet the needs of tenants and other users of the complex, a new reception area and improved the access and flow throughout the complex. Icon has undertaken the renovation works in collaboration with its development partner, G&S Vastgoed.
“We would like to congratulate Hannover Leasing with the acquisition of the New Babylon complex. This record-breaking transaction highlights the strong performing The Hague market and also demonstrates the outstanding job done by Icon Real Estate in repositioning the New Babylon complex.”
Hannover Leasing was legally and commercially advised by Houthoff and Colliers. The technical and fiscal consultancy was handled by CVO Group and EY. Icon Real Estate was assisted by Rutgers & Posch, CBRE, Deloitte and Osborne Clarke. SGS Search has advised seller with regards to the technical aspects of this transaction.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.