Schoeller Group Purchases Upper West in Berlin

The office and hotel property Upper West has been sold. The Schoeller Group, based in Pullach, has acquired the 119-meter-tall landmark building at Berlin's Breitscheidplatz. Following the signing earlier this year, the transaction has now been finalised.

JLL and BNP Paribas Real Estate were jointly mandated and structured the international sales process on behalf of the seller, Signa Prime Selection. The seller was legally advised by the law firm Neon, while RQI Immobilien was responsible for transaction management. The buyer was advised by McDermott Will & Emery, Ernst & Young, and Bentham Capital.

Completed in 2017, Upper West, with its curved façade and premium location at the beginning of Kurfürstendamm, is one of Europe's most prominent and sought-after high-rise buildings. The building offers a total rental area of approximately 43,700 sq m, half of which is used as office space and approximately 17,300 sq m as hotel space. Retail areas are also located on the ground and first floors. The main tenant of the DGNB Gold-certified building is Motel One.

Bernhard Grabowski, Senior Team Leader Office Investment Berlin at JLL, comments: "With this transaction, we were able to successfully start 2025 despite the still challenging market environment. After office property values have suffered massively in recent years due to rising interest rates and other factors, this transaction marks an important and encouraging price point for top office properties in a slowly recovering market."

Joseph Von Maltzahn, Head of Private Wealth EMEA at JLL added, "This significant sale exemplifies the trend we're seeing where private investors like the Schoeller Group are seizing rare opportunities in their domestic markets. In Germany alone, private investors closed €2.5bn of transactions in 2024 representing a record market share, and this trend is continuing with the Upper West acquisition being one of the most notable for 2025.”