Quinlan Private announced today it has acquired The Atrium office properties in Amsterdam for approximately €200 million ($276 million) from New York-based real estate firm Tishman Speyer.
Located in Amsterdam’s business district, the complex includes about 34,000 square meters of office space. The property is currently rented out below market average, although increased demand for offices is expected to have an upward effect on Amsterdam office rents, according to Quinlan.
The Atrium is part of Quinlan’s recently established Western European Office Fund, which will also include the BleichStrasse I hotel and office complex in Frankfurt along with Senator House in London.
Quinlan acquired the €60-million, mixed-use property in Frankfurt last month in a 50-50 joint venture with German developer FOM Real Estate. Senator House comprises 14,500 square meters of office space on Queen Victoria Street in the City of London.
The three properties in the portfolio, which the firm says will offer investors a strong mix of returns while diversifying geographic risk, were purchased for €427 million. Quinlan is contributing €95 million of equity to fund the acquisition of the three properties.
Quinlan, which was founded in 1989 by former Irish tax inspector Derek Quinlan, currently has more than €10 billion in assets under management.