NSI N.V. has agreed a new 10 year lease with Glass House’s single tenant, within 6 months of acquiring the property in Amsterdam-Sloterdijk.
 

The new lease, for the entire 23,000 sqm property, retroactively commences on 1 December 2016. We are pleased that NSI can confirm a genuine win-win deal. For the tenant this transaction offers more certainty at a lower rent level, whilst NSI has substantially de-risked its investment and gained a significant capital value uplift.

Anne de Jong, CIO of NSI comments: “ At the time of acquisition Glass House was a significantly over-rented property with a short remaining lease term, until Q3 2019. We acquired the building with a view of having two options. Either we would look to extend the lease with the existing tenant or we would (partially) create an HNK in one of the best connected office locations in Amsterdam. We are very pleased that the tenant sees Glass House as one of their core office locations and as such has committed to stay for a further 10 years.”

Wouter Stevens, director of Office Agency at Savills Netherlands, adds: "The Teleport Sloterdijk area is undergoing a metamorphosis. In 2017 VEN Amsterdam will open its doors including a new Holland Casino. Furthermore, the municipality has designated the area to develop new dwellings. Construction will start next year. "

Savills advised NSI in this transaction.