Java Office Building
Acquired on behalf of Arzan Wealth and Equity Estate the office building "Java" in The Hague.
Fortress Investment Group has sold the office building let to ‘Nederlandse Organisatie voor Wetenschappelijk Onderzoek’ (NWO) in The Hague to a joint venture of Equity Estate and Arzan Wealth from the Middle East. For Arzan Wealth this is the third acquisition in the Netherlands and the first joint venture with Equity Estate. Earlier acquisitions were the Heerema HQ in Leiden and the NEM building in Zoeterwoude.
The ‘Java’ office building measures over 13,600 sqm and 176 parking spaces in the underlying parking garage. The building was completed in 2000, has an energy label A and is let to NWO for a long term. The ‘Java’ building, together with the ‘Borneo’ building next door, was part of the ‘Liv-portfolio’ which was acquired by Fortress earlier this month. The ‘Borneo’ building will stay in Fortress’ portfolio.
Enrico van Erkelens from Equity Estate: ‘We are happy to add the NWO-building to the portfolio. The building is a perfect fit for the investment criteria of the joint venture between Arzan Wealth and Equity Estate. The long lease term and the strong covenant are important for our long term investments. We see opportunities in the Dutch office market and we would like to invest in this segment with our partners. The Dutch office market offers attractive investments for international investors, especially with an economy growing faster than most of the neighbouring jurisdictions.”
Arzan Wealth and Equity Estate has been advised by NL real estate / Knight Frank during the entire commercial process.