Savills IMSavills Investment Management (Savills IM), the international real estate investment manager, has signed a lease agreement with the City of Munich for around 3,500 sqm on the third and fourth floors of Munich’s Atrium.
The space will be used for the expansion of the city’s vocational school for media professions, whose main building is located directly opposite the Atrium. The school is expected to move in in fall 2024 after the extensive expansion work. There will be integrated specialist classrooms as well as administration and common rooms. The design of the spaces will be technically and spatially aligned with the respective sectors and professions. Savills IM led the letting process on behalf of the South Korean owner Samsung SRA Asset Management. Cushman & Wakefield was exclusively commissioned to broker the floors. E&G Real Estate acted for the City of Munich.
This successful letting shows that the conversion of office space into attractive teaching, learning, administrative and recreational areas makes perfect sense and is in keeping with the times.
The six-storey Atrium office and administration building with a total rental area of 43,300 sqm is located in Munich’s Olympiapark submarket. The property consists of four wings arranged in a cloverleaf shape around the central atrium. The prestigious property, which was completed in 1991, was acquired by Samsung SRA Asset Management in 2018. Since then, the rental space of an existing tenant, which has signed a lease for a further ten years, has been completely redesigned. In addition, over 40 sanitary units in the property, including the pipes, have been completely refurbished. ESG aspects were always taken into account in all asset management measures. This was rewarded with LEED Gold certification, which in turn further increases the attractiveness of the property for existing and future tenants.
The Olympiapark submarket is an attractive office location where national and international companies have established their headquarters and research offices. The Bavarian capital is not only a globally recognized technology and production center, but also one of the largest and most competitive financial centres in Germany.
Barbara Linnemann, Head of Asset Management Germany at Savills Investment Management, says: “The lease to the City of Munich underlines the attractiveness and location quality of the Atrium. High-quality space in prime locations with excellent transport links continues to be in demand. This successful letting shows that the conversion of office space into attractive teaching, learning, administrative and recreational areas makes perfect sense and is in keeping with the times.
“ESG is a high priority at Savills IM and is firmly integrated into the active management and conversion of properties. Even older existing buildings can achieve LEED Gold certification if the right ESG adjustments have been made beforehand – the Atrium is another positive example of this.“
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