Hines divests DGNB Gold-certified office in Hamburg

Global investment manager Hines has sold the eleven-story Domkaskaden office building in Hamburg's city centre to a Hamburg-based single-family office. 

De Hamburger Domkaskaden

The sale was made on behalf of Hines' European Core Fund (HECF), with the sale price undisclosed.
The building, constructed in 2009, offers approximately 8,020 square meters of fully leased space. Its unique spiral design provides distinct office spaces and views on each floor. 
Hines managed the asset since its acquisition, implementing various sustainability initiatives such as using 100% green electricity for common areas and installing 36 EV charging stations, resulting in DGNB Gold certification. Hines also took over property management in 2023.
Kai Magnus Schulte, managing director at Hines, said: "This sale demonstrates not only how attractive Hamburg remains as a business location, but also the strong demand for well-managed office properties in Hamburg's city centre. This property is special for us, as we first became active in the Hamburg market with the purchase of the Domkaskaden in 2010.”
For the sale, Hines received advice from Poellath and Ernst & Young. BNP Paribas Real Estate acted as the transaction broker.