Hague offices have residential future following sale by Garbe

Garbe Institutional Capital has sold the 27,500 sq m Ypsilon Park office complex in Netherlands city The Hague to a club of investors including Focus Real Estate and Molsbergen Development.

Located in the centre of the Benoordenhout district of The Hague, Ypsilon Park comprises an office building dating from 1939, mostly let to EY, and the Ypsilon office building itself, developed in the 1970s.

Ypsilon Park, originally built for an oil company, has been comprehensively refurbished including sustainability measures. Approximately 2,600 sq m is currently available in the building. However, the new owner is working on a plan to convert the building into apartments to create a sustainable mixed-use project. Molsbergen Development will manage the development.

Rabobank co-financed the transaction. CBRE supervised the transaction on behalf of Garbe.