25.September 2014

Perella Weinberg Real Estate Acquires Former “Tacheles” Compound

Gap Site between Friedrichstrasse and Hackescher Markt to be developed

An investment fund associated with Perella Weinberg Real Estate (PWRE) acquired the site which extends over c. 25,300 sqm and which is home to the buildings Friedrichstrasse 112a + b and the remains of the Friedrichstrassen-Passagen mall known as the former “Tacheles” art venue.

PWRE intends to develop the compound, a brownfield for many years, into an attractive quarter featuring a variety of use types.
“We are very excited about waking this sleeping beauty of a property from its slumber and starting a new chapter by creating yet another hot spot in Berlin’s Mitte district,” said Léon Bressler, Managing Partner of PWRE. “We see a great potential in Germany’s first city, and would like this project to play an active part in shaping downtown Berlin.”

Reviving the Site as Residential, Commercial and Cultural Location

The plans call for a comprehensive redevelopment of the existing buildings and the construction of several buildings combining residential and commercial units. The former art building “Tacheles” is earmarked for a second life as cultural venue. PWRE will entrust the planning effort to a prestigious architectural firm, with the plans to become more concrete in the next step. “While the talks are still in an early stage, the stated goal is to create a high-quality development and a public realm that appeals to everybody – be they old or young, locals or tourists,” said Bressler.
While PWRE is aiming for contemporary architecture, it will take its cue from the history of the area. In the years that followed the opening of the Friedrichstrassen-Passage in 1908, the arcade became an important connection linking Friedrichstrasse and Oranienburger Strasse. The new design of the area by PWRE will pick up on the idea and breathe life into a space that has mainly been used as parking lot in recent years.

 

 

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