HOCHTIEF Projektentwicklung sells Height 1 office high-rise in Hamburg (DE)

A subsidiary of Privatbank Berenberg buys former Spiegel high-rise with a gross floor area of approximately 8,200 m².
HOCHTIEF Projektentwicklung has sold the Height 1 office building, the first phase of the Hamburg Heights development to a subsidiary of Privatbank Berenberg. The sale was affected during business year 2014. It was agreed that no details of the purchase price would be disclosed. The rental space at Height 1 is 7,100 m² and will be used in full by the legal firm MDS MÖHRLE/HAPP LUTHER. The landmark-listed high-rise, previously used by the Spiegel news magazine, will be extensively refurbished by the beginning of 2016.
The Hamburg Heights ensemble is being developed on a 7,700 m² lot in the Hamburg-Altstadt district between Jungfernstieg (Inner Alster) and the Überseequartier (HafenCity). In the first step Height 1, which has 13 above-grade floors, is being refurbished and fitted with state-of-the-art engineering.
The second phase will involve the revitalization of Height 2, formerly the IBM high-rise and later the Spiegel publishing house, which is also landmark-listed. The project further foresees the construction of three new buildings: Height 3, Height 4 and Height 5. There are also plans for a below-grade parking garage running beneath the entire lot, to be accessed from the street Dovenfleet.
Source: HOCHTIEF