PingProperties hands over Het Boek in Amsterdam to Real I.S.

Het Boek is the largest tax office in the Netherlands and one of the largest buildings in Amsterdam. It is a true landmark with a floor area of 40,000 sqm of office space.

PingProperties will remain closely involved in this remarkable building as property manager. On the one hand this decision was inspired by PingProperties’ excellent relationship with the Government Buildings Agency and the many contacts PingProperties maintains with the State of the Netherlands. On the other hand it is a strategic choice to retain good-quality, large, visually prominent buildings in the PingProperties portfolio in order to create a sound basis to safeguard the stakeholders’ interests now and in the future.

In 2010 PingProperties Corporate Office fund I, which is managed by PingProperties, concluded a new long-term lease with the Government Buildings Agency for the Tax and Customs Administration. This was an important reason for Real I.S. to buy Het Boek.

When the lease was extended, an innovative form of contract was opted for, including a Service Level Agreement which guarantees the quality of the building in the long term. Part of the extension contract involves making the building more sustainable. The building will be upgraded to a B label and will therefore become more energy-efficient whilst reducing CO2 emissions. The cost savings resulting from these energy savings will benefit the lessee. The refurbishment work will start this quarter and will be supervised by PingProperties.

The refurbishment of Het Boek is a pilot project for making existing office buildings more sustainable. It shows that an integrated approach to sustainability combined with a good and transparent relationship with the lessee can transform existing property into a long-term investment solution.