CB Richard Ellis completes largest office letting in Copenhagen this year (DK)

CB Richard Ellis has successfully let a landmark 24,000-m² office tower in TV-Byen in Soborg, near Copenhagen, to global professional services provider Ernst & Young. Ernst & Young will relocate its current Denmark HQ to the building, leasing all 15 stories under the largest office letting deal to take place in Copenhagen this year.

Owned by a private held property company, the office tower in TV-Byen was previously occupied by the Danish Broadcasting Corporation and is a recognized landmark across Denmark. The TV-Byen area is undergoing redevelopment including 146,000 m² opened up for mixed residential and commercial use. The scheme has been developed by leading Danish property developer The Sjaelsoe Group and includes more than 500 apartments, a private hospital, film studios, two supermarkets and a remaining development opportunity of 40,000 m².

The office tower transaction is particularly significant given the more challenging market climate. Although demand remains strong, Copenhagen saw an increase in office vacancies in Q1 2008 for the first time in three years.

Ernst & Young's move from its current HQ in Copenhagen North to TV-Byen reflects the company's ambitious growth plans for Denmark. Carsten Collin, Managing Director of Ernst & Young, comments: "The TV-Byen building's prestigious location, space for growth, parking facilities and easy access for employees and clients made it an obvious choice. The Danish market represents an important growth opportunity for our business and our brief was to find a building that would be attractive to both employees and clients and offer us maximum brand visibility."

The office tower in TV-Byen offers Ernst & Young capacity for up to 1,000 workplaces and fit out plans are currently being considered. The Lease will commence in September 2009.

Ole Hammershoj, Agency Director Denmark for CB Richard Ellis, said: "Denmark's strong economic growth means that Copenhagen is considered to be a major business destination for international organizations. In the current more challenging financial market climate, we are delighted to have attracted such a prestigious tenant to one of the country's most recognized office towers."

Source: FD

Related News