Commerz Real Institutional Fund Property Reaps yet another Award

The "Kraanspoor" office property in Amsterdam has just been honoured with the "Award for Excellence" in the Europe category by the Urban Land Institute (ULI). It belongs to the "EURO OFFICE 1" institutional fund of Commerz Real. Together with four other properties, the building remained ahead of a field of initially 24 nominations from eleven countries. With the "Award for Excellence", which included the Europe category for the fifth time, ULI celebrates innovative and sustainable real estate projects and revitalisation concepts. In the case of "Kraanspoor", the jury highlighted both the environmentally sound development and the unique character of the building that in various ways has invested a former brownfield with new life.

The three-storey structure, extending over a length of about 270 metres, is fully glazed and has been grafted onto an obsolete crane track in the river IJ. The property covers a gross lettable area of about 11,000 m². Its subdivision into four autonomous core areas makes it perfect for alternative usage. With its refined climate control system that uses river water for both heating and cooling, the building assumes model character. Not least, the structure below the building proper serves as nesting site for local bird life.

Against the background of its pronounced sustainability aspect, the property had already been voted top in the “Green Building of the Year” category at the MIPIM Awards in March 2008. Furthermore, it received a “Special Jury Award”. Commerz Real acquired the property, completed in November 2007, from the Dutch developer ING Vastgoedontwikkeling B.V. in February 2008. The total investment volume exceeded 34 million euros.

“We are more than pleased by the fact that the innovative model of ‘Kraanspoor’ has been honoured by the Urban Land Institute, too. We ourselves regard the multiple award-winning ‘Green Building’ as an important contribution to environmental protection. At the same time, its energy efficiency enhances the quality of usage and the competitiveness of the property,” argued Hans-Joachim Kühl, Board Member of Commerz Real AG in charge of real estate acquisitions.