The Stuttgart office of US private developer and investor Hines has signed a long-term lease with the federal state of Baden-Württemberg for 14,000 m[sup]2[/sup] of office space in Postquartier. Joining existing office tenant Deutsche Bahn, the project's office space is now fully leased, Hines said in a statement on Tuesday.
The Stuttgart office of US private developer and investor Hines has signed a long-term lease with the federal state of Baden-Württemberg for 14,000 m2 of office space in Postquartier. Joining existing office tenant Deutsche Bahn, the project's office space is now fully leased, Hines said in a statement on Tuesday.
Located adjacent to Stuttgart's main shopping street, Koenigstrasse, Postquartier is a 26,500 m2, 11-storey office building with retail on the first two floors. Originally constructed in 1927, the property was demolished and rebuilt in the 1980s. It is owned by the Hines European Value Added Fund and is currently being redeveloped by Hines Germany. Completion is expected in early 2012.
'With the refurbishment of this property, we have substantially contributed to the development of a long-forgotten part of Stuttgart's city center,' said Hines' managing director Alexander Moell.
Postquartier's high-end retail space is 86% leased on a long-term basis to recently signed tenants including Mammut; The North Face; Sixt; and Rossmann.
Postquartier is the first property in Stuttgart that has earned Gold pre-certification under the US Green Building Council's LEED for Core & Shell Rating System.
