The Munich-based German team at BNP Paribas Real Estate Investment Management (REIM) finalizedthe acquisition of NOVE by Citterio at Munich’s Arnulfpark, recently completed by property developerHorus Development.
The real estate asset manager acquired the office property in September 2016 under a forward deal. The purchase price has not been disclosed. The asset is now fully let and BNP Paribas REIM will be moving in alongside other well-known tenants. Clifford Chance acted as legal advisor for BNP Paribas REIM in the transaction.
“Strong tenant demand in the past several months and the high-end tenant mix we now have at the property as a result are proof that this was the right investment decision. Arnulfpark, a new district developed in recent years, has become one of Munich’s top office destinations thanks to its central location and modern design. We look forward to enjoying the benefits of having our offices at this excellent location” – Reinhard Mattern, CEO, BNP Paribas REIM Germany.
The property was developed by Horus Development GmbH, a joint venture of Salvis Consulting AG and Art-Invest Real Estate GmbH. The building features high-end design and fitout. BNP Paribas REIM acquired the property for a German institutional investor for whom the company manages a European investment vehicle.
Main tenants are a large, listed US corporation that will occupy large-scale space, recruiting firm Hays and IT consulting firm Reply. Other tenants include consulting firms EY, Simon Kucher, Salvis, business center operator Design Offices and BNP Paribas REIM Germany. The address of the company’s new offices is Lilli-Palmer-Strasse 2, 80636 Munich.
Construction on the building began in mid-2015 on a site encompassing 7,329 sqm at the corner of Luise-Ullrich-Strasse and Lilli-Palmer-Strasse. The property features almost 31,000 sqm of total rental area, just under 27,000 sqm of which is dedicated to office use. The remaining space is being used for gastronomy, retail and storage. The property also features 430 underground parking spaces. The main building section has six standard floors, three basement levels and a 23-meter-high, representative atrium. This structure is complimented by a high-rise with eight floors on Luise-Ullrich-Strasse.
Antonio Citterio, world-renowned architect and designer based in Milan, is the mastermind behind the building concept and interior design. Landscaping was done by internationally acclaimed Swiss landscape architects, Enzo Enea. NOVE was designed as a green building, meeting all the requirements for energy-efficient operation. The building is LEED Platinum-certified.