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Perella Weinberg Buys Former Squatters’ Site in Berlin

Perella Weinberg Partners LP agreed to buy the site of Berlin’s Tacheles building, a former department store that was occupied by squatters for two decades.

Perella Weinberg, a New York-based asset-management and advisory firm, plans to use the 25,000 square-meter (270,000 square-foot) site to construct apartments, shops and hotel rooms, Leon Bressler, Perella’s head of real estate, said today by phone. Perella bought the site for about 150 million euros ($190 million) from German real estate investor Anno August Jagdfeld, according to a person with knowledge of the deal who asked not to be identified because the information is private.