Zublin Development, a subsidiary of Austrian builder Strabag, is to build two office towers and a building housing a hotel in Hamburg's St Pauli district. The 40,000 m[sup]2[/sup] project was acquired from a joint venture formed by Pirelli Real Estate and Morgan Stanley Real Estate. It will have an investment volume of around EUR 150mln.
Zublin Development, a subsidiary of Austrian builder Strabag, is to build two office towers and a building housing a hotel in Hamburg's St Pauli district. The 40,000 m2 project was acquired from a joint venture formed by Pirelli Real Estate and Morgan Stanley Real Estate. It will have an investment volume of around EUR 150mln.
Dubbed the 'dancing towers', the twin office towers will be made mostly of glass, based on a design by Hamburg architects Bothe Richter Teherani (BRT). Construction work is due to begin in June 2009, with completion scheduled for summer 2011. Some 15,000 m2 of the complex will be leased by the Hamburg subsidiaries of the Strabag group.
