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In November 2012, JLL today closed the largest ever real estate deal relating to a single property in Switzerland: the sale of Credit Suisse’s Uetlihof office complex in Zurich. The Uetlihof office complex, located about 3 kilometers southwest of Zurich’s city center, is Credit Suisse’s principal office building worldwide. The office complex has more than 8,000 workspaces, as well as a precious metal vault and data center.
The size and complexity of the transaction demonstrates the International Capital Group’s global reach and privileged access to the largest real estate investors worldwide. JLL leveraged their well-established relationships with key decision makers at Norges to ensure that transaction closed within six months.
The property was acquired by Norges Bank Investment Management (NBIM), the manager of the Norwegian Government Pension Fund Global, for $1.08 billion. Credit Suisse will lease back the property for 25 years, with the option to extend the lease by up to 15 years. Credit Suisse will have operational responsibility for the Uetlihof office complex during the fixed lease period.
This transaction required the highest level of professionalism in transaction management; it will have a defining influence on future transactions in Switzerland.