Philips Pension Fund Sells Symphony Offices Amsterdam

Philips Pension Fund and Deka Immobilien GmbH have agreed on the sale of Symphony Offices at the Gustav Mahlerlaan, Amsterdam. The building is sold for circa €215.1 million, making it the largest real estate transaction in the Netherlands in 2013 to date.

The prime office building at Amsterdam South Axis, the core business district in the Netherlands, comprises a total of approximately 34,500 sq m of office space and offers 466 parking spaces in the underground parking garage.

Symphony Offices is one of the last built landmark office towers located at the Amsterdam South Axis. The Symphony Office Tower is complemented by the adjacent residential tower (Symphony Residence) and Crown Plaza hotel, which were part of the same original Symphony development project. The office and residential buildings were designed by the Dutch architect Pi de Bruijn, Architecten Cie and are considered to be the most prominent developments and eye-catching buildings of the entire Amsterdam South Axis.

Symphony Offices comprises a high-rise tower (27-floors) and an integrated adjoining low-rise podium (6-floors). The office space is almost fully let to high-profile tenants such as APG, Prologis, Tata Consultancy, Arcadis and Holland Financial Centre.

Erik Langens, Senior Director Capital Markets, CBRE, commented:

“Deka Immobilien has purchased one of the best office buildings in the Netherlands with Symphony Offices. It is a very high quality property located in the core business district in the Netherlands, multi-tenant and almost fully let to professional corporates with long-term lease covenants."

During the sale process CBRE, Houthoff Buruma, PwC and IPMMC acted on behalf of Philips Pension Fund. Deka Immobilien was supported by Arcadis and Baker & McKenzie.