10. April 2012     Print Print 

Hines' European Value Added Fund sells Postquartier in Stuttgart

The Hines European Value Added Fund (HEVAF) sold the Postquartier to the federal state of Baden-Württemberg-Stiftung. Located in Stuttgart's CBD on the corner of Kronenstrasse and Lautenschlagerstrasse, adjacent to Stuttgart's main shopping street, Koenigstrasse, Postquartier is a 301,000-square-foot, 11-story office building that includes 102,000 square feet of retail on the first two floors. Financials on the sale were not disclosed.
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Postquartier Hines
Postquartier LEED

Originally constructed in 1927, Postquartier was demolished and rebuilt in the 1980s. HEVAF purchased the former headquarters of Deutsche Post (German postal service) in 2008. Hines Germany then oversaw the property's €100 million refurbishment on behalf of HEVAF, resulting in a modern, high-performance building competing with the best new product in the market. Hines Germany also provided leasing management services for HEVAF. At building completion in 2012, it was fully leased mainly to the Federal State of Baden-Württemberg for their Ministry of Education and Sports, Deutsche Bahn Fernverkehr AG, and high-end retail tenants including: Conrad Electronic; Mammut; The North Face; Rewe; Rossmann; and Sixt.

Hines Managing Director Alexander Moell stated, „We are very pleased that our vision for Postquartier could be realized successfully with the help of the city of Stuttgart. In addition to having the responsibility to develop a landmark building, we also wanted to create the starting point for upgrading the entire neighborhood.“

Postquartier is the first property in Stuttgart that has earned LEED Gold pre-certification. Hines put great emphasis on energy efficiency during planning and construction including using up-to-date technical equipment and low-emission materials. The sustainability level of Postquartier, after the refurbishment, is equivalent to a newly built property.