OVG and G&S to develop new head office for ING Group - Cushman & Wakefield

OVG and G&S to develop new head office for ING Group

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OVG and G&S are developing the new head office for ING Group on Frankemaheerd in Amsterdam-Zuidoost. The current ING head office - the Amsterdamse Poort, also known as the ‘Sand Castle’ - will be transformed in close collaboration with the Municipality of Amsterdam.

ING’s choice of Amsterdam-Zuidoost as the location of its new head office was not a random one. Amsterdam-Zuidoost is a location where ING can operate in the very heart of society, close to its customers. As announced earlier by ING, its new housing is being developed in keeping with the entrepreneurial spirit of the company, with a focus on sustainability, innovation and creativity. It is to be a working environment that stimulates and inspires people and further facilitates collaboration between employees working in the various ING offices in Amsterdam-Zuidoost.

The new campus-style ING head office will be located on Frankemaheerd. The current office buildings are being replaced by one energy-efficient, future-proof and technically smart office building.

After ING relocates from Amsterdamse Poort to the new head office, a Consortium, consisting of G&S Vastgoed, VolkerWessels and OVG Real Estate, will transform the offices at Amsterdamse Poort into a multifunctional programme of primarily residences. The transformation design is being developed in close cooperation with the original architect, Max van Huut. This will make it possible to maintain the characteristic features of the building. The total transition will result in a reduction of 65,000 m2 of gross floor area in office space and will provide a major boost to the livability of Amsterdam-Zuidoost. More than 500 apartments will be created, in addition to various social and other facilities.

OVG Real Estate and G&S Vastgoed acquired Frankemaheerd jointly, the Consortium acquired Amsterdamse Poort. Construction on Frankemaheerd is scheduled to begin during the second half of 2016. ING will be moving into its new head office in 2019, immediately after which the transformation of the Amsterdamse Poort will begin.

In addition to OVG Real Estate and G&S Vastgoed as the developers of the property, VolkerWessels subsidiaries will also be responsible for the new development on Frankemaheerd and the transformation of the Amsterdamse Poort. Cairn Real Estate assisted in the transaction on behalf of the seller of the Amsterdamse Poort, who was advised by Boekel de Nerée and Cushman & Wakefield. Allen & Overy and CBRE were involved on behalf of ING and Loyens & Loeff, Nauta Dutilh, PWC and Rechtstaete on behalf of the Consortium.

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