AXA Real Estate Investment Managers, acting on behalf of an AXA insurance company, announces that it has advised on a 10-year lease for approx. 6,000 m² of office space in the Borsenplatz 1 office building in Cologne to Ernst & Young, the global audit and advisory firm, who will take occupation in April 2013.
Borsenplatz 1 is a prime office building located in the heart of Cologne's financial district and the letting represents one of last year's largest lease agreements within the Cologne office market. Following the agreement, the building will be almost 80% let, with negotiations ongoing with other potential tenants.
Originally designed by the renowned Cologne architect Wilhelm Riphahn, this listed office building was constructed in the early 1950's in the heart of Cologne's banking district and in close proximity to Cologne's world famous Cathedral and the main railway station.
Between 2003 and 2005, AXA Real Estate undertook a significant redevelopment of the building, adding a further 2,300 m² of office and 600 m² of restaurant space, whilst updating the original space into modern, energy efficient offices equipped for the demands of 21st century companies.
Upon its completion, the pioneering redevelopment, which combined the integrity and history of the original Riphahn design with the best elements of modern architecture, was awarded an 'exemplary innovation award' from the Chamber of Architects of North Rhine-Westphalia.
The investment mandate on behalf of the AXA Group insurance company is managed by AXA Investment Managers Deutschland GmbH, with asset management services provided by AXA Real Estate.
CMS Hasche Sigle acted on behalf of AXA Real Estate in this transaction.
Christoph Moelleken, Managing Director of Real Estate within AXA Investment Managers Deutschland GmbH, commented: "We are pleased that we secured such a high-profile and well respected firm as Ernst & Young for our prime property Borsenplatz 1 as their new home. This transaction confirms our continued ability to source and manage quality assets that generate consistent value for our investors.
"A transaction with a premium tenant in the current competitive and challenging office market in Cologne speaks volumes for our solid track record in asset management."
Source: FTI Consulting