Hamburg: topping-out ceremony, buyer search for Euler Hermes building
The topping-out ceremony for the new Euler Hermes building in Hamburg’s Bahrenfeld district was held yesterday. Its project developer, Quantum, announced that it will be completed by the end of this year. The property, located on the corner of Gasstraße and Bahrenfelder Kirchenweg, will have 24,100 sqm of GFA and a new multi-level parking garage. As before, the total investment volume is estimated at €150mn. Market insiders have informed TD that CBRE has been commissioned with the search for an end investor. The sale would be a high point for the Hamburg investment market, which is still weak this year. After Euler Hermes moves in, its previous place of business – a white high-rise building located between Friedensallee, Bahrenfelder Kirchenweg and Gasstraße – will be demolished to make way for the “Ottenser Höfe”, a quarter to be developed on 2.5 hectares with 460 apartments.
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