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: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 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 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.