The full service office complex Atrium located on the Amsterdam South Axis, has traded for more than EUR 500 million, making this the largest single-asset property trade in the Netherlands ever. Icon Real Estate, a fund managed by Victory Advisors, sold the completely renovated and extended Atrium office complex to a fund managed by the French investor Amundi Real Estate.
The Atrium complex is located in the heart of the South Axis in Amsterdam, in the direct vicinity of the train station. The building, located at the corner of the Strawinskylaan and the Parnassusweg, is recently extended with two new office towers (north tower comprising of 9 floors and the south tower comprising of 15 floors) and a new underground parking garage. The existing center building is renovated extensively. The total Atrium complex has been extended by this new development and renovation from approximately 34,000 sq m to approximately 60,000 sq m with in total 525 parking spaces.
Last year Icon Real Estate invested heavily in transforming the building into a well-leased, high quality and super-prime asset combining office space with restaurant facilities, a meeting and conference center as well as fitness facilities. This landmark building is now one of the most appealing high quality office buildings in the Netherlands. The Atrium has a number of appealing tenants including CMS, Hogan Lovells, Optiver, Vistra, Celanese and JLL all on long-term lease agreements. In terms of leasing, the Atrium is the most successful building on the Amsterdam South Axis with the signing of 33.000 sq m new lease agreements in the last 18 months.
Michel Wilhelm, National Director Capital Markets Cushman & Wakefield: “This unique transaction again shows that the demand for high quality and sustainable properties on prime locations remains high.”
Victory Advisors/Icon Real Estate was advised by CBRE, Rutgers & Posch, Rechtstaete, Freshfields (tax and legal) and Heren2 (technical). Amundi Real Estate was advised by L´Etoile Properties and Cushman & Wakefield, Greenberg Traurig (tax and legal) and Search (technical).
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