GIEAG records further asset management success: State of Baden-Württemberg rents entire property in Stuttgart
GIEAG Immobilien AG (GIEAG) has concluded a long-term rental agreement with the state of Baden-Württemberg from 1 June 2018 5,000 for all of the approx. 5,000 square meters of space in its office complex in Stuttgart. The state has rented the entire office complex and is thus the sole tenant in this GIEAG property in Stuttgart. The estate agent for the rental agreement was E&G REAL ESTATE GmbH, a member of German Property Partners GPP.
GIEAG only acquired this property, built in 1992, at the end of 2017/start of 2018. It is constructed on a plot of 4,471 square meters and has underground parking with 101 parking places and was acquired as a vacant property. GIEAG extensively renovated the property prior to its rental. The property has an excellent traffic infrastructure. The center of the state’s capital of Stuttgart is just 5 kilometers away. Stuttgart’s international airport and the trade fair site can be reached by car in around 20 minutes.
Thomas Männel, a member of GIEAG’s managing board, commented: “We are very pleased to have been able to achieve this major rental success in such as short time. We have found a top quality tenant in the state of Baden-Württemberg. The contract with the state of Baden-Württemberg underscores our view of the excellent quality of both this location and the property.”