News

  • Breevast begins Dropbox office development in San Francisco

    Amsterdam/Newport Beach, CA, September 2014 - Breevast US, Inc., a Newport Beach, CA based 100% subsidiary of commercial real estate developer and investor Breevast B.V.  based in Amsterdam, The Netherlands, has commenced the development of an office building with approximately 12.500 square meters together with underground parking in the South of Market (SOMA) area located in San Francisco. Breevast US acquired the property in 2004 as a parking lot. The development is located within a few blocks from the AT&T Baseball Stadium (San Francisco Giants) and the Moscone Convention Center.
    The building has been 100% leased to Dropbox, a San Francisco based company, under a 12 year lease term with options to extend. The building will be part of a new corporate campus for Dropbox totaling approximately 30.000 square meters in which Breevast collaborated with Kilroy Realty Group, a Los Angeles based NYSE company, that will deliver an additional 17.500 square meters of space. The Breevast building has been designed by San Francisco architect Charles Blozies and will be constructed by Swinerton Builders as general contractor. US Bank National Association has financed the construction for the building. The project is expected to be completed in September 2015.
    Dropbox is a privately held file hosting service company based in San Francisco that offers cloud storage, file synchronization and client software solutions for millions of users. Dropbox was founded in 2007 by, amongst others, CEO Drew Houston. As recently reported in the Wall Street Journal, the company is suggested to have a valuation of approximately $10-15 billion dollars.
    In addition to the SOMA development project,  Breevast owns other San Francisco bay area investment properties.
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  • Breevast sells first phase ( 80,000 m2) of RAC - BELAIR project in Brussels

    Amsterdam/Brussels, March 10, 2014 - Real estate developer and investor Breevast has completed the sale of the first phase of the RAC - BELAIR project. Today the shares in RAC 1 N.V., the entity owning this part of the RAC - BELAIR development, were transferred by  Breevast (60%) and its partner Immobel (40%) to Hannover Leasing and a Asian institutional investor. With a transaction value of approximately EUR 310 million, this is the largest single asset transaction in recent years in the Benelux.

    The first phase of the RAC - BELAIR involved the redevelopment of 80,000 square meters, which is leased by the Regie der Gebouwen (Federal Belgium govenment) for the purpose of housing the Federal Police and based on a long-term lease of 18 years. To this end, the existing buildings on the site were completely redeveloped as from 2011 to the end of 2013 in accordance with the BREEAM criteria. The project features state-of-the-art technical specifications and features a BREEAM 'very good' certificate. In addition to the Federal Police, the development also houses a fire department and commercial space.

    In June 2013, Breevast and Immobel signed the sale and purchase agreement with Hannover Leasing, a leading German international investor, and a major Asian institutional investor. After redevelopment, the building was delivered to respectively the Regie der Gebouwen and the buyers at December 30, 2013. The transfer of ownership has taken place today.

    The first phase of project RAC - BELAIR ( 80,000 m2) is part of the overall redevelopment of the RAC - BELAIR site of approximately 150,000 square meters and a parking garage with at least 1,300 places. Phases 2, 3 and 4 of the redevelopment of the RAC - BELAIR site consist of an ambitious program to include residential, retail and public functions of about 72,000 square meters within the striking redevelopment of this district in the center of Brussels. Important guidelines such as mobility, sustainability and mixed use are key elements in this redevelopment. Breevast also owns the adjacent Finance Tower of approximately 200,000 m2.
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  • Breevast and Immobel sell first phase Belair project Brussel

    BREEVAST AND IMMOBEL sell their participation in RAC 1 S.A., the company owning the first phase of the Belair project.

    HANNOVER LEASING has purchased, together with a major Asian institutional investor, 100 % of the shares in RAC 1, the joint venture company incorporated by BREEVAST     (60 %) and IMMOBEL (40 %) that has been active in the development, the constructions and the letting of the 80,000 sqm Belair project.

    HANNOVER LEASING, an international investor and one of the leading providers of tangible assets in Germany has acquired, together with a major Asian institutional investor, 100 % of the shares in RAC 1, a company whose main activity is the development, the construction and the letting of the Belair project, from BREEVAST Group (60 %) and IMMOBEL (40 %). The effective transfer of ownership of the RAC 1 shares remains subject to provisional acceptance of the building (foreseen in December 2013). 

    The main activity of RAC 1 is the development, the construction and the operation of the largest component of the redevelopment of the former Federal Administrative Centre, which is located in the heart of Brussels’ CBD between the prestigious Rue Royale and the Boulevard Pacheco. On its completion in December 2013, the landmark Belair project owned by RAC 1 will total approximately 80,000 sqm providing 65,000 sqm of office space, 14,000 sqm of underground archives and multifunctional space as well as 681 parking units. The Belair project also benefits from state-of-the-art technical specifications and holds a BREEAM “very good”.  

    In 2010, Belgium’s Federal Police agreed terms on a 55,000 sqm, 18-year lease for the Belair project, which will serve as its national headquarters. An additional 10,000 sqm was added to the lease in 2012. The site will also house a fire department and some retail space.

    The original Federal Administrative Centre (RAC/CAE) was built between 1958 and 1985 and served as the nation’s principal administrative offices. Designed by a collective of the greatest Belgian architects of the modernist era, the Federal Administrative Centre is characterised by its long, low-rise shape, and the spectacular panoramic view it offers of the surrounding area.

    BREEVAST and IMMOBEL have been redeveloping the complex since 2003. When the second phase, with estimated completion in 2016, will be finalised, the site will offer 150,000 sqm of which amongst others 43,000 sqm of housing, 5,000 sqm of retail and 19,000 sqm of public space including a school and a nursery.

    BREEVAST and IMMOBEL were advised by CBRE and Clifford Chance. Hannover Leasing and its Asian partner were advised by Jones Lang LaSalle and Loyens & Loeff.  

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