Düsseldorf: AENGEVELT brokers lease with the government of North Rhine-Westphalia for 7,200 m2 in CELLS’ Uerdinger Straße 88–92 development

  • CELL’s new GRIDD development with 58,000 m2 of office space in prime location is now more than 90% let

CELLS Property Investors GmbH has leased 7,200 square metres of office space at Uerdinger Strasse 88–92 in Düsseldorf’s prominent Kennedydamm office submarket to the government of North Rhine-Westphalia (NRW). AENGEVELT Immobilien brokered the new lease, which means that GRIDD’s occupancy rate is now more than 90 per cent. The lease starts in spring 2020.

The state of North Rhine-Westphalia had launched a tender process to find additional premises in Düsseldorf. Birthe Nordhues, Head of Commercial Letting at AENGEVELT Düsseldorf explains the process that led to the lease agreement: “We started by presenting the entire range of relevant office space in Düsseldorf in a transparent manner. Due to the future tenant’s exacting specifications and requirements, the focus soon narrowed to the impressive office building at Uerdinger Strasse 88–92. The property’s technical features were particularly compelling, as were the efficient office spaces”. The prime location also played a role: “Excellent transport connections and ample parking were also important decision criteria”, Nordhues adds.

Thomas Ostermann, Managing Director of CELLS Property Investors GmbH, explains, “The new lease agreement is testament to the outstanding quality of both the location and the building. The government’s decision also confirms the benefits of our active approach to asset management and the sustainability of this joint venture investment with an international partner”.

The 58,000-square-metre property’s key tenant is IKB Deutsche Industriebank. CELLS Property Investors GmbH (CPI), a member of the CELLS Group, acquired the property from IKB in 2018 as a joint venture with the international investor Ares Management. Since then, CPI has managed and continues to develop the property.

In collaboration with the architectural office Schwitzke, plans are currently being developed for an improved signage/wayfinding system and a new entrance building for the entire complex. The building is also being rebranded as GRIDD. IKB is gradually reducing its footprint within the building as planned, although it will remain a tenant alongside Hessische Landesbank (Helaba), the government of North Rhine-Westphalia, Colt Telekom and the contract caterer Genuss & Harmonie.