HOCHTIEF Projektentwicklung has sold the Tivoli Office building in Munich to a real estate special fund operated by AXA Investment Managers Deutschland.
The two parties agreed that no details of the price would be disclosed. The entire office building has already been let off-plan to Roland Berger. The seven-story property, in a nature reserve area between the Eisbach and the English Garden, should be ready for occupancy in fall 2014.
The Tivoli Office at Sederanger 3 is being constructed on a lot of around 9,000 m² within Tucherpark, which contains a complex of listed buildings. The Tivoli Garden terrace building will also be constructed on the same lot. More than half of its 30 apartments have already been sold. Both properties echo the architectural vocabulary of the existing buildings.
Source: Hochtief
