Art-Invest Real Estate acquires office property at Erdberger Lände 40-48 in 1030 Vienna

Art-Invest Real Estate has acquired a fully leased office property in a central location in Vienna's third district at Erdberger Lände 40-48 from a closed-end public fund of KGAL Investment Management. The property currently offers 18,200 sqm of office space with 220 parking spaces on a site area of 8,400 sqm. The 4-part office building, which was built in 1984 and has one basement and six upper floors, was last revitalized in 2007 and has since been fully leased to ÖBB-Business Competence Center GmbH. After the tenant has moved out, Art-Invest Real Estate plans to extensively revitalize the office building and reposition it as a sustainable multi-tenant office property starting in 2024.

The property is located directly on the Leonie Rysanek Park on the Danube Canal opposite the extensive parks of the Prater and is characterized by its proximity to the city center as well as to important traffic routes. Furthermore, the property has excellent connections to the public transport network. The Kardinal-Nagl-Platz subway station, which is only a few minutes' walk away, the proximity to the Danube Canal and the Prater, and the local supply of stores, pubs, schools and kindergartens guarantee urban quality of life with an idyllic flair.

In accordance with the urban development model "Waterfront Erdberger Lände", the property location has developed over the last decade into a multifunctional urban quarter with 850 apartments as well as office and commercial space for up to 1,500 employees. Art-Invest Real Estate has already acquired 390 apartments of the residential quarter IU - idyllic-urban in the direct neighborhood in 2018 and is also the owner of the 10,000 m² Leonie Rysanek Park. An art concept has been realized there in recent years together with art scholar and curator Prof. Dr. Florian Matzner.

"We are pleased about the acquisition of this office property with value-added potential in an inner-city location of Vienna and look forward to the challenge of modernizing the building according to the current requirements of office tenants in a sustainable and taxonomy-compliant manner," said Mark Leiter, Managing Director of the Vienna branch at Art-Invest Real Estate.

Both parties have agreed not to disclose the purchase price. Art-Invest Real Estate was advised on the transaction by Schönherr Rechtsanwälte, TPA Steuerberatung and iC consulenten Ziviltechniker. DORDA Rechtsanwälte acted for KGAL Investment Management. The transaction was brokered by EHL Investment Consulting.