◆ ± 16,500 sq m
◆ New construction delivered in 2020, initiated by Rachid Chami (Queen’s Lane) and developed in collaboration with MACAN Development and AG Real estate
◆ Strong location next to the Court of Justice in the Centre district
◆ Fully let to anchor tenants, namely DLA Piper, Immoweb/Stepstone, Campari, Spaces
◆ Acquired by BNP Paribas REIM at the end of 2021 for 112 MEUR
01 The opportunity
Back in the 1960’s, the building located Rue aux Laines 70, next to the Court of Justice, was the headquarter of VIVAQUA. As VIVAQUA decided to relocate their offices next to the Central Station, the former building was acquired by Belgian developer Kairos in public auction.
In 2012, Kairos decided to sell the building to Rachid Chami, co-founder of the group MACAN Development who intended to demolish the building and transform it into high-end residential units. This is the starting point of a long story and strong relationships between Cushman & Wakefield and the different stakeholders of the so-called TWEED building.
MACAN Development applied for a demolition / reconstruction building permit in order to develop a new 16,500 sq m office building to the highest environmental standards for in 2016. The building permit was delivered in 2017.
Construction works started in 2018 and the brand-new office building was delivered in 2021 with high environmental standards (BREEAM Excellent certification and a Passive Building status).
02 The solutions
Thanks to a strong collaboration with the developers, an unrivalled market knowledge and out-of-the-box propositions, innovative solutions were implemented at every step of the process to make this project a success story.
The story began in 2013 when our Office Leasing team met the developer MACAN Development who initially bought the building with the idea to reconvert it into high-end residential units. Our experts, with their knowledge of the market dynamics and understanding of the current and future competition, convinced the developer to rather opt for an office redevelopment with the highest environmental standards to attract qualitative occupiers, thanks to the strategic location close to the Porte Louise and the Court of Justice.
Once the building permit was granted in 2017, our Office Leasing team decided to present the project to AG Real Estate, one of the biggest real estate player in Belgium. AG Real Estate, convinced by the location and the project, acquired 50% of the project TWEED. The construction works started immediately after that in 2018.
Our Office Leasing team left no stone unturned and contacted several potential high-level occupiers. Our experts rapidly identified the prestigious law firm DLA Piper as the first anchor occupier. DLA Piper signed the first 4,400 sq m pre-letting in the TWEED back in Q3 2018. DLA Piper was quickly followed by Stepstones / Immoweb and the coworking operator Spaces who also pre-let part of the TWEED. Late 2022, Inditex and Campari decided to move in the building.
The TWEED is now fully let to triple A tenants who are now enjoying a state-of-the-art architecture and high environmental standards office building.
03 The results
Complementary to this long-term relationship between our Office Leasing experts and the developers, our Capital Markets team successfully advised MACAN Development and AG Real Estate in the disposal of their asset in Q4 2021 in an off-market transaction.
During the COVID-19 outbreak, in a complex market environment, our investment experts played an essential role in the transaction with BNP Paribas REIM. Long-term secured cash flows coming from robust tenants and the exceptional location of the development were some of the key drivers to finalise this transaction for more than 110 MEUR and a yield below the 4% cap.