Hamburg: Commerz Real sells site for Burstah Ensemble to Gator

02/01/2019

Commerz Real has decided on a clean break with its faltering project on Großer Burstah: The premium 7,500 sqm lot, where 42,000 sqm commercial and living space are to be developed, will most likely be sold to the Gator real estate firm of Hamburg. A report to that effect by the “Hamburger Abendblatt” was confirmed to TD by an insider. Gator has developed or refurbished a number of commercial and residential buildings in the center of Hamburg, among them the Girardet Höfe, the Neuer Jungfernstieg 16, or the Körnerhaus. The former Allianz headquarters on Großer Burstah had been acquired by Commerz Real in 2015. After demolition of the existing structures, work on the site has been at a standstill since the summer. Due to difficulties in finding a general contractor for the new construction, Commerz Real considered selling the whole project to a developer, or developing it by means of individual contracts in a construction management model. Commerz Real has declined to comment on the new information.


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