The original buildings dating from the 1940s and 50s did not meet modern office requirements anymore. However the location at one of the most vibrant squares in Cologne with high visibility, very good infrastructure and a subway station directly next to the property was very attractive.
Demand for modern, interconnected office spaces with a flexible layout in Cologne had been high as ever. Therefore the decision was taken to demolish the existing buildings and build new office buildings with gastronomy/retail units and a separate residential unit. After two phases of construction completed in 2019 respectively May 2021, Haus Friesenplatz is now home to attractive and state-of-the art offices, shops and apartments. The two office buildings were fully let to strong office tenants already 1.5 years before completion each.
This development represents a high quality asset that meets ESG and well-being standards including green leases, green electricity in the common and tenant areas, an energy-efficient cooling system, charging stations for e-cars and showers in the common areas. It also upgrades the entire surrounding area around Friesenplatz adding to the attractiveness of this part of the city.
During the Covid pandemic in 2021, the Asset Management Team together with the property manager Tectareal organized the lease of four units at reduced rents to four employees from St. Elisabeth Hospital in Cologne.
|Asset name||Haus Friesenplatz|
|Investment type||Development to Core Prime|
|Investment structure||Directly held|
|Size||Leasable area 15,400 sqm|
|Signing date||Completion in two phases 2019 and 2021|
|Sustainability||The asset aims to be Gold-certified by the German Council for Sustainable Building|