Real estate investor Quest Investment Partners and Allianz Real Estate have teamed up on the Überseehaus project development in Hamburg, Germany.
The Überseehaus, located directly on the city waterfront, will maintain and renovate the existing property from the 1980s while integrating a new building that will add 4,200 m2 of rental space, taking the total area to around 15,800 m2.
The focus will be on new architectural and energy and climate-friendly features, with the goal of achieving a DGNB Gold certification for the nine-storey building.
The construction of the extension at Baumwall 5-7 should start in Q2 2023 with completion due for Q2 2025.
No financial details have been disclosed by either of the investors.
Lars Fröhling, head of asset management for Northern and Central Europe at Allianz Real Estate said: ‘The development of Überseehaus underlines our conviction that well-located, future- and user-oriented offices with strong ESG credentials will deliver long-term value to our investors.’
Jan Rouven Künzel, managing partner of Quest Investment Partners: 'Large-scale representative spaces in Hamburg's city centre are rare. With around 15,800 m2, the centrally located property is ideally suited for single tenants, but multi-tenant use is also conceivable. The Überseehaus will feature flexible, upscale offices with a high quality of stay.’
The existing structure will undergo CO2-efficient renovations, with a focus on future-oriented requirements including e-charging stations and the use of low-emission materials.
The social aspects of the ESG-compliant property will be reflected in the new recreational and landscaped areas, while the developers are considering the use of their own PV system.
The new courtyard building's glass façade allows for easy access to the outside, and the additional daylight will create comfortable lighting conditions in the workplaces. Also, a green anodized metal roof structure will give sun protection.
The property has excellent access to public transportation, and the surrounding Portuguese Quarter is home to a large number of cafés and eateries.
