QUEST Investment Partners acquires two properties in downtown Hamburg
Hamburg, 08 September 2016. QUEST Investment Partners, a recently founded project development company based in Hamburg, has acquired two office properties in the heart of Hamburg with a total rental space of around 15,000 square metres.
One of the properties is the former IBM high-rise with 17 storeys on Willy-Brandt-Straße 23. Designed by Werner Kallmorgen in 1960, this listed building is to be modernised, repositioned and rented out. The alteration works will take around one and a half years and are scheduled to start in spring 2017. The building features around 7,500 m² of rental space.
“This building is a modern classic. Like hardly any other building in Hamburg, its architecture reflects the spirit of post-war modernism inspired by the American metropolises. The black glass façade with its striking punch card pattern will soon be modernised – it is a true architectural icon from the 1960s with particularly unique qualities,” says Theja Geyer, Managing Partner at QUEST Investment Partners.
In addition, QUEST Investment Partners acquired a fully let office and commercial building on Willy-Brandt-Straße 75 from a joint venture between Castlelake and the Becken Group. At the beginning of the 20th century, the renowned Kontorhaus architect Georg Radel designed the original Kontorhaus on Rödingsmarkt, parts of which still exist today. In 1998, it was elaborately encased in an eight-storey office building for a Hamburg bank. The property features approximately 7,690 m² of rental space. Due to the high quality of this property and its efficient building structure, the ensemble is to be revitalised and converted into a modern office building after the tenant moves out. Its most salient characteristics are its timeless architecture and its excellent location on Rödingsmarkt.
About QUEST Investment Partners
QUEST Investment Partners is a real estate project development and investment company situated in Hamburg. QUEST focuses on investments in commercial and residential properties with upside potential in top locations of major German cities. The QUEST team has extensive experience in the development of high-quality real estate projects and continuously aims at increasing the real estate values of its shareholders and investors. QUEST’s shareholders are the managing directors Theja Geyer and Jan Rouven Künzel as well as the investment holding company of the Hamburg entrepreneur Erck Rickmers who is invested in real estate, equity investments and shipping.