Cromwell and York Capital Management have completed the sale of The Mark, a prominent 22,795 sqm office building located in Rotterdam, the Netherlands, to Investcorp and co-investor and asset manager Proptimize. The asset was acquired in 2015 on behalf of the Cromwell Netherlands Diversified Partnership (CNDP).
Since acquiring the building, Cromwell and York have completed a series of asset management initiatives, starting with a complete re-branding of the building and followed by a comprehensive refurbishment of the general spaces including an upgraded reception area with a new coffee bar, a gym and a meeting centre. As a result of these initiatives, the team was able to increase occupancy to 85%, with a series of new lettings to major businesses including Maersk/Damco, Baker Tilly and Schreuder Verzekert, as well as renewals with Pointlogic Development, Willis Towers Watson and Refresco.
Located on Fascinatio Boulevard 200 – 300, along the A-16 motorway in Rotterdam, The Mark is a 13-storey building with 13 occupiers occupying units ranging from 850 sqm to 3,000 sqm.
Wouter Zwetsloot, Head of Benelux at Cromwell Property Group, commented: “This sale marks the culmination of our business strategy for the building and is a huge endorsement of our original decision to acquire and invest in the building. Since acquiring the building, we have completely transformed its profile and occupancy.”