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Chancellerie project in Brussels Chancellerie project in Brussels

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Chancellerie

The Cushman & Wakefield Capital Markets team has advised Fico on the sale of the asset Chancellerie, a unique office development project located in the heart of Brussels. 

Key features

◆ 10 floors
◆ ± 14,000 sq m office space
◆ ± 700 sq m of retail space
◆ ± 300 sq m of co-working space
◆ 106 parking units
◆ 74 bicycle spaces

01 The opportunity

Chancellerie is a unique office corner building located in a strategic location in Brussels, a few meters away from the Central Station, one of the main railway stations of the country. Its location in one of the most prime and exclusive office locations provides the ideal life-work-play environment for the occupiers and unrivalled transport access. 

The Property had obtained its permit for a 10-story high office building totaling approximately 14,900 sq m of space. Our Capital Markets team was appointed by the investment company Fico to organize and structure the sale of this unique office development project. 
Chancellerie office project in Brussels Chancellerie office project in Brussels

02 The challenges

Despite all the great possibilities that this project had to offer, the requested timing didn’t make the process any easier for our team. Firstly, because the current period is still bringing lots of uncertainty to the current and future market. Also, it was imperative to sell this project in a limited timeframe due to the deadline of the permit. However, thanks to their extensive experience, our team was more than ready to take up the challenge.

03 The solution

In October 2020, a well-structured sales process was put in place. Our team created a competitive environment via a two-step process. First, a solid story was told around this unique project to highlight the enormous potential of the building, which included making imagine what the complete transformation of this office building and the creation of brand-new commercial surfaces could be like. This stage was followed by a competitive second round where our team achieved to maximize the value of the asset while minimizing the risks. 

04 The results

Started in October 2020, it took five months to our team to make all of this happen, resulting in an unprecedented sale of the Chancellerie asset which set a new record for the Centre district. Thanks to their knowledge, our experts made sure to focus on the right investors to secure this deal and achieved an incredible performance. 

This project provided Cushman & Wakefield with a great opportunity to show once more our extensive market knowledge to help Fico realize their objectives. 

Eager for more details on this story? Or in need of tailored advice from our experienced team? Do not hesitate to get in touch and let’s start a discussion about what could be your and our next success story.

"This successful transaction has set a new benchmark on the Brussels office market and shows that despite unprecedented circumstances, there is still important investors’ appetite for iconic assets in an established location. As such, the Centre district confirms its strong fundamentals by delivering a new qualitative and well-located asset which will attract new tenants in the short term."

- Marc-Antoine Buysschaert, Head of Capital Markets

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