PATRIZIA AG has acquired a landmark mixed-use, multi-tenanted building in Munich, Germany, from Rock Capital Group (RCG), on behalf of its institutional clients.
Lenbachplatz 6 is a 3,053 sq m listed building, built in 1904 by the prominent German architect Emanuel von Seidl. A state-of-the-art refurbishment of the property was undertaken in 2019, which included modernising the building’s facilitates, as well as installing new windows and renovating the roof to maximise energy efficiency. PATRIZIA aims to secure BREEAM certification for the asset to track its sustainability performance going forward.
The 2,100 sq m of office space across five floors is fully let to the well-known international law firm Orrick, Herrington and Sutcliffe, while the ground floor retail provision is let to Calligaris, the luxury furniture store. The asset has a WALT of 10 years, providing long term reliable income.
Situated in the borough of Altstadt-Lehel, the building is in a highly desirable location five minutes’ walk from Munich Central Station, which connects the city to Munich International Airport. Lenbachplatz is also in close proximity to Munich’s tram and underground network, as well as nearby retail and tourist attractions, including the city’s historic central square, Marienplatz.
Source : Company