Hamburg: Postbank sells office complex to Magna and will move into Ipanema
After selling off locations in Munich, Bonn and Hanover, Postbank is overhauling its administrative offices in Hamburg with the sale of its City Nord office quarter complex to Magna Real Estate. On the final day of the Expo Real yesterday in Munich, TD learned that Postbank will be moving to the neighboring Ipanema building complex, a Hamburg team-Otto Wulff-Christmann Group project which is to be completed by 2022. By all accounts, Postbank is said to have leased approximately 90% of the 17,000 sqm of office space there for €15–€16/sqm; BNP Paribas Real Estate is said to have advised. Grossmann & Berger and BNPPRE are the lead brokers for the Ipanema. Magna is initiating talks with the city on redeveloping the Postbank site. It intends to replace the existing 50,000 sqm complex with new offices and apartments. Investment could reach as high as €400mn, depending on construction volume. The parties have declined to comment.
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