PORTFOLIO: FUND I
23,000 sm office complex in Prenzlauer Berg district of Berlin
Goldpunkt was acquired out of insolvency in December 2008 at the depth of the global financial crisis. The building was under-managed, lacked a cohesive retail strategy, and had a variety of tenants. As the pictures show, this 23,000 sm building office complex takes up the almost an entire city block and is a ‘presence’ in the local area, yet the building had a poor reputation among the local leasing community.
ASG completely changed the perception of the building. ASG moved aggressively to market the building by constructing a high quality show suite and pursued leasing relentlessly. These steps, along with a flexible and responsive approach to existing and prospective tenants has built strong ties to the leasing community, generated a steady flow of leasing activity, and demonstrated ASG’s control of the building.
Within one year of ownership, ASG took building occupancy to 85%. Once the building stabilized in mid-2010, ASG placed a conservative amount of leverage on the building, which it returned to investors. ASG sold the stabilized building after a four year hold period – in December 2012 – and returned significant profit to our investors.