Zublin signs lease for most of Holbeinstrasse property in Zurich

Züblin Immobilien said it has signed a 15-year lease with the Zurich office of international law firm Baker & McKenzie for roughly 4,200 m² in its Holbeinstrasse 22-30 property.

Züblin has now fully leased the larger of the two buildings, Holbeinstrasse 30, which accounts for approximately 70% of the total lettable space. The project will be completed in December 2009 and Baker & McKenzie Zurich will occupy the building in May 2010.

The Holbeinstrasse 22-30 property is located in the Seefeld district of Zurich and is Züblin's first redevelopment project. The company acquired the property in June 2008 and has since converted the two buildings into modern, energy-efficient prime office space.

Züblin stated that the terms are consistent with current market conditions for core properties in Zurich. The property company is currently in negotiations about the remaining 1,600 m² of space in the Holbeinstrasse 22 building.