Allgemeine Südboden sells office project at Neue Balan campus to Union Investment
A team led by Dr. Carsten Schrader, Partner at Heuking Kühn Lüer Wojtek, advised Allgemeine Südboden Grundbesitz AG on the sale of the projected office building “Neue Balan Haus 27” in Munich to Union Investment. Closing is scheduled for the beginning of March 2021. This is one of this year’s largest single transactions on the German office real estate market.
Covering an area of some 8.5 hectares, a campus has been created on the site of the former Infineon headquarters at Balanstraße. It offers a total of about 170,000 square meters of space for offices, restaurants, retail, and fitness, as well as a university and a Montessori school. Building 27 on the corner of St.-Martin-Straße/Balanstraße will offer a total of 32,151 square meters of office and exhibition space that includes sky gardens and roof terraces on nine floors in the Bauhaus architectural tradition. 330 car parking spaces will be available on two underground floors. About 60 percent of the property is already leased out. Completion and tenant move-in are scheduled for the Q1/2021. Key tenants to date include software company Autodesk and Jameda, a web advertising portal for the healthcare sector. The “Neue Balan” quarter is within walking distance of Ostbahnhof railway station and the Werksviertel district.
Counsel to Allgemeine Südboden Grundbesitz AG
Heuking Kühn Lüer Wojtek:
Dr. Carsten Schrader (Lead, Real Estate & Construction), Munich
Carsten Wagner (Real Estate & Construction), Munich
Dr. Thomas Nickel (Public Law), Frankfurt
Dr. Markus Collisy (Public Law), Frankfurt
Dr. Reinhard Siegert (Antitrust), Munich
Dominik Eickemeier (Copyright), Cologne