HSBC has sold its German head office in Düsseldorf which it is leaving for a new building.
Momeni Group, with family office Wirtgen Invest and Black Horse Investments, is buying 21 and 23 Königsallee. A source close to the deal said that the winning bid is above €155 mln.
The 18,000 m2 building went on the market via CBRE in Q4 last year and was seen as a test of how investors view the near-term prospects for reletting office space in a prime top city centre location in the climate of uncertainty created by Covid-19.
Königsallee includes ground floor retail space in a prime pitch and there is also potential for a modest increase in floorspace.
The sale has gone through despite the new lockdowns in Germany which are once again making travel difficult.
Investors and brokers say that pricing for offices seems to be continuing to hold up in Germany for good locations, even for core-plus or value-add product. This is in contrast to London where prices for offices began falling in Q4 2020.
Momeni is a privately-owned German developer specialising in city centre projects. The group said it would redevelop the site with approximately 20,000 m2 of offices, retail and restaurants with 225 parking spaces.
The developer also recently bought Graf-Adolf-Platz 14, also on ‘Kö’. It has two further developments on the city’s Kennedydamm and a high-rise complex in the Medienhafen area.
HSBC is in the process of moving to OBRKSSL at Hansaallee 3 where it has taken 25,500 m2 and will consolidate all employees in one building.
Andreas Gladisch, Momeni’s managing director, said: ‘We are delighted that this investment means we will again shape the silhouette of the banking district.’
