Europa Capital announces the first pre-letting of 57,000 sq ft (5,300 sqm) of office space undergoing a comprehensive refurbishment at the Olympia Business Centre (OBC) in Munich, Germany, to the Department of the Bavarian Criminal Police Office (LKA).
LKA has taken floors three to eight on a 10-year lease in the eight storey, 86,000 sqft (8,000 sqm) Building B of the business centre. 150 employees will move in when LKA takes occupancy in early 2020, forming a new branch of the department, its fifth major location in Munich.
This is the first letting of the available 410,000 sq ft (38,000 sqm) lettable space at OBC since the business centre was purchased by Europa Capital, on behalf of its Europa Fund V value-add fund, in 2017, in joint venture with Bayern Projekt in what was one of the largest real estate transactions in Munich in recent years.
The joint venture commenced a capital expenditure programme following the departure of Telefónica in 2018 to fully redevelop and modernise the centre into a collaborative and contemporary complex, in order to attract high quality new occupiers.
The business centre comprises five sections with each section having eight above ground level storeys with improved roof terraces, one technical level and two underground levels. Tenants will also benefit from a number of communal and amenity spaces once the refurbishment completes in early 2020, including a new lobby and co-working areas, an extended market hall style restaurant with a diverse range of food options, as well as a new communal roof terrace and park-like landscaping. In line with its commitment to sustainable development, Europa Capital is also aiming to secure an LEED Gold certification as a result of these improvements, as well achieving a WiredScore certification to highlight the building’s excellent connectivity infrastructure.
The property is in a strong business location in Munich’s Moosach district, with many large international businesses in the immediate vicinity, and well connected by being on the Georg Brauchle-Ring road and served by a number of U-Bahn train stations. Originally built in 2000, the office building was previously occupied by Telefonica as a single tenant.
Colliers acted for LKA and have been instructed as the joint venture’s lead leasing agent for the OBC.
James Pennington, Director at Europa Capital, said: “To have secured the Department of the Bavarian Criminal Police Office on a long lease as the first pre-let at Olympia Business Centre is a fantastic endorsement of the improvements we are making to the property and of our business plan. By leveraging our strong experience of refurbishing and creating added value to properties across Europe we have set a new standard for office space in Munich at the Olympia Business Centre.
“The improvements we are putting in place have translated into strong interest from a wide range of high quality tenants and, while the first letting is an extremely important milestone, we are now looking to build on this momentum by welcoming additional new occupiers in the coming months.”