CBRE completes Copenhagen's largest office let in 2008

Global property advisor CB Richard Ellis has let a landmark 24,000 m² office tower in TV-Byen in Soborg, near Copenhagen, to global professional services provider Ernst & Young. Ernst & Young will relocate its current Danish headquarters to the building, leasing all 15 storeys in the largest office letting deal in Copenhagen this year.

Owned by a privately-owned property company, the office tower in TV-Byen was previously occupied by the Danish Broadcasting Corporation. The TV-Byen area is undergoing redevelopment, including 146,000 m² to be opened up for mixed residential and commercial use. The scheme has been developed by Danish property developer Sjaelsoe Group and includes more than 500 apartments, a private hospital, film studios, two supermarkets and the opportunity to develop another 40,000 m².

The office tower transaction is particularly significant given the challenging market climate, CBRE said. Although demand remains strong, Copenhagen saw an increase in office vacancies in the first quarter of 2008 for the first time in three years.

'The Danish market represents an important growth opportunity for our business and our brief was to find a building that would be attractive to both employees and clients and offer us maximum brand visibility,' said Carsten Collin, managing director of Ernst & Young.