Geneva House
7 Petrovka Street, Moscow
Geneva House is a newly built Prime Class A office/retail property located approximately 600 meters from the Kremlin, and adjacent to Berlin House. Gross Build Area is 16,500 sqm, which includes 7,200 sqm of office space, 2,700 sqm of retail space, and 140 parking spaces. As of Q3 2011 approximately 90% of Geneva House is occupied. Major tenants include Merrill Lynch, Akin Gump, and Chanel.
EPH acquired a 50% stake in Geneva House in 2006, prior to the start of construction. EPH’s in-house project management team developed the property for the joint venture, and upon completion and commissioning in 2010, acquired full ownership of the property by purchasing its joint venture partner’s 50% stake.
In a multi-stage transaction which included both Geneva House and the neighboring EPH property, Berlin House, EPH sold an 80% stake in each property to a private real estate investment group in June 2010, and an additional 10% to the same investor in August 2011. EPH has retained a 10% stake in the trophy properties in order to participate in its potential future appreciation. The management, leasing, operations and marketing strategy of Geneva House remain unchanged under the new ownership structure.
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