Thursday, September 20, 2007
Upper Eastside Berlin
One of Berlin's more prominent locations, the Friedrichstraße / Unter den Linden crossing, is finally taking shape. Construction work on a new real estate project on the site of the old Hotel Berlin is well underway, with the foundations now complete, and the tenants for the new building - a 200 million Euro investment grandly named Upper Eastside Berlin - have just been announced by the backing company behind the project, MEAG (Munich Ergo Asset Management).
Parfumier Douglas will be opening its 1,300 sqm flagship store for Berlin, while Spanish fashion chain Zara will opening a similarly sized outlet, one of its largest in Germany's capital. Another big-name tenant (at least in Germany) will be fashion chain Esprit. Although Unter den Linden is not a particularly high-value area, the strategic location at the junction with Friedrichstraße means MEAG is able to demand double the usual rent.
Besides retail units, the Upper Eastside Berlin boasts around 18,000 sqm of office space and in the top two storeys 18 luxury appartments ranging in size between 120 and 400 sqm. Some will apparently have views of the Brandenburg Gate (though probably only if you lean over the edge of the balcony).
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