(STUTTGART) – The Stuttgart office of Hines, the international real estate firm, announced today that it has signed a long-term lease with the federal state of Baden-Württemberg for 151,000 square feet of office space in Postquartier.
Joining existing office tenant Deutsche Bahn, the project’s office space is now fully leased.
Located on the corner of Kronenstrasse and Thouretstrasse, adjacent to Stuttgart’s main shopping street, Koenigstrasse, Postquartier is a 285,243-square-foot, 11-story office building with retail on the first two floors.
Originally constructed in 1927, the property was demolished and rebuilt in the 1980s.
It is owned by the Hines European Value Added Fund and is currently being redeveloped by Hines Germany.
Completion is expected in early 2012.
Hines Managing Director Alexander Moell stated, “We welcome the federal state of Baden-Württemberg to their new home at Postquartier. With the refurbishment of this property, we have substantially contributed to the development of a long-forgotten part of Stuttgart’s city center. We are looking forward to new projects to further enhance the city.”
Postquartier’s high-end retail space is 86 percent leased on a long-term basis to recently signed tenants that include: Mammut; The North Face; Sixt; and Rossmann.
Hines Project Manager Christian Meister said, “The retailers will provide a wide variety of services for customers in a prime location.”
The refurbishment of this 1980s building represents the transformation of an obsolete building into a high-performing one that competes with the best new product in the market.
Time Hupe of Tim Hupe Architekten in Hamburg commented, “With our structural innovations on the refurbishment, we want to show the historical evolution of Postquartier and strengthen the landmark character of the building.”
Postquartier is the first property in Stuttgart that has earned Gold pre-certification under the U.S. Green Building Council’s LEED® for Core & Shell Rating System.
Hines put great emphasis on energy efficiency during planning and construction including using up-to-date technical equipment and low-emission materials. The sustainability level of Postquartier after this refurbishment will be equivalent to a newly built property.
Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The firm’s historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes 1,126 properties representing more than 459 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments.
With offices in 106 cities in 17 countries, and controlled assets valued at approximately $23.7 billion, Hines is one of the largest real estate organizations in the world. Visit www.hines.com for more information.