The Schoeller Group has purchased the Upper West office and hotel property in Berlin from Signa Prime Selection.
Located in Berlin's Breitscheidplatz, the 119-meter building was completed in 2017 and offers a total rental area of around 43,700 sqm, half of which is used as office space and around 17,300 sqm as hotel space. Retail areas are also located on the ground and first floors.
The deal for the building - of which the main tenant is Motel One - is said to be worth €450 million.
JLL and BNP Paribas Real Estate were jointly mandated and structured the international sales process on behalf of Signa Prime. The seller was legally advised by the law firm Neon, while RQI Immobilien was responsible for transaction management. Schoeller was advised by McDermott Will & Emery, Ernst & Young, and Bentham Capital.
What they said
Bernhard Grabowski, senior team leader office investment Berlin at JLL said: “With this transaction, we were able to successfully start 2025 despite the still challenging market environment. After office property values have suffered massively in recent years due to rising interest rates and other factors, this transaction marks an important and encouraging price point for top office properties in a slowly recovering market.”
Joseph Von Maltzahn, head of private wealth EMEA at JLL added: “This significant sale exemplifies the trend we're seeing where private investors like the Schoeller Group are seizing rare opportunities in their domestic markets. In Germany alone, private investors closed €2.5 billion of transactions in 2024 representing a record market share, and this trend is continuing with the Upper West acquisition being one of the most notable for 2025.”