It is the first acquisition of Jamestown in Europe and the first to be made from the new European headquarters in Amsterdam.
The 'Groot Handelsgebouw', dating from 1953, is a national monument of 122,000 m² and is regarded as the symbol of the reconstruction of Rotterdam. It is right next to the central station and houses more than 450 companies. The building offers a wide range of facilities such as a gym, restaurants and shops. Jamestown has purchased the building from an investment vehicle managed by the private equity real estate firm HighBrook Investors for € 289 million. HighBrook bought the building in July 2018 for around € 169 million in an off-market public-private transaction.
Micheal Phillips, president of Jamestown: 'The Groothandelsgebouw is located in the heart of the continuous growth and renewal of Rotterdam. We would like to contribute to this by creating a hub for the new Rotterdam economy where there is much room for innovation and entrepreneurship'.
Jamestown is a design-oriented real estate investment and management company that transforms striking buildings and areas into innovation hubs and meeting places. The company owns, among others, Chelsea Market in New York, Ghirardelli Square in San Francisco, Ponce City in Atlanta and The Innovation and Design Building in Boston.
The purchase of the Groot Handelsgebouw fits within the varied and flexible redevelopment portfolio of Jamestown. This is the first transaction made by the new European team, which has its office in the A-Factorij in Amsterdam.
HighBrook was advised by Jones Day and Loyens & Loeff and by its own asset manager Equity Estate. Jamestown was advised by Greenberg Traurig.