HSBC has begun the formal marketing process of its German headquarters which it plans to vacate next year.
The global bank has put 21 and 23 Königsallee in Düsseldorf on the market through CBRE.
No sales price has been attached to the 18,000 m2 building and the offer will test how investors view the near-term prospects for refurbishing and reletting office space in a prime top city centre location in the climate of uncertainty created by Covid-19.
However, it is thought that the vendor could get between €150 mln and €200 mln, depending on the view taken by bidders.
The building includes ground floor retail space in a prime pitch and there is also potential for a modest increase in floorspace.
One broker said: ‘Launching something like this four weeks before Christmas is pretty bold. The pricing depends on how you do the reversionary calculation, but there are lots of angles to this one.’
The bank is keen to move the process along speedily and first round bids are due at the end of the first week in December.
HSBC is in the process of moving to OBRKSSL at 3 Hansaallee where it has taken 25,500 m2.
