PARCADIA brokers operator for underground car park in Düsseldorf

19 August 2020

PARCADIA brokers operator for “Herzogterrassen” underground car park in Düsseldorf

PARCADIA Parking Experts GmbH, a subsidiary of the ARCADIA Investment Group, was commissioned by an associated company of Covivio Office AG to broker Park One GmbH as the operator of the “Herzogterrassen” underground car park in Düsseldorf. The underground car park is located under the “Herzogterrassen” office complex – former WestLB headquarters – and has 399 public parking spaces spread over five levels. Park One GmbH concluded a long-term lease agreement plus options with effect from 1 June 2020 and has already taken over the management of the underground car park. The parties have agreed not to disclose further details of the contract.

Already last year, PARCADIA was commissioned by the owner of the “Herzogterrassen”, built in 1980, with a location and profitability analysis. Park One GmbH, a Munich-based car park operator operating throughout Germany, was able to prevail in a three-stage tendering process led by PARCADIA. The “Herzogterrassen” are located in the Friedrichstadt district, in downtown Düsseldorf and comprise a total lettable area of 55,717 square metres. Covivio Office AG is a company specialising in German office properties and is based in Frankfurt am Main.