Cayros Capital Partners (Cayros), Munich, has started the reconfiguration work on the former main branch of Commerzbank at Lindenallee 4, Essen, a property it acquired in June 2016.
The eleven-storey office building totals around 10,500 m² (gross external area) and fronts on to Willy-Brand-Platz, in the retail and banking quarter, close to the central station. The property dates from 1966 and Cayros, founded by Daniel von der Schulenburg in 2014, is converting it to upmarket serviced apartments.
Berlin architects Modersohn & Freiesleben produced the design and undertook planning of the conversion, which involves reverting to the existing structure of the building. The façade is to be modernised and will include French windows.
The plans will see the creation of 137 high-quality furnished business apartments, each between 18 and 35 m². Cayros has instructed the Munich agency isar42 to develop the interior concept and the corporate design of the building.
Daniel von der Schulenburg, managing partner of Cayros, comments: "The central situation of the apartment building, together with the optimal amenities in Essen, provide an absolute plus for anyone looking for contemporary accommodation suitable for business travellers."
When completed in mid-2018, the accommodation will provide a concierge service, a cleaning and washing service and underground parking spaces.
HSH Nordbank is carrying out the financing of the development, with BNS Real Estate Capital Hamburg, taking responsibility for the overall finance structure.
