GIEAG Immobilien AG records new rental success with the new construction project MAYOFFICE in Stuttgart
The family-run Munich-based real estate company GIEAG Immobilien AG (GIEAG) has achieved another rental success with its major project “MAYOFFICE” in the Pragsattel district in Stuttgart. Three floors with approx. 2,500 square meters have been let to ISM INTERNATIONAL SCHOOL OF MANAGEMENT (ISM), meaning that more than 50 percent of the office complex with a total usable space of approx. 7,300 square meters has already been let at this early stage of the project. In October 2018, GIEAG already leased the entire top floor with approx. 1,300 square metres to ADWEKO Consulting GmbH on a long-term basis.
GIEAG will realize a real estate project consisting of two buildings in Stuttgart through to mid 2020, in the immediate vicinity of the Theaterhaus Stuttgart, the Friedrichsbau Varieté and Höhenpark Killesberg. Building work is on schedule. The project has a total investment volume of more than € 70 million. GIEAG is also enjoying great interest in the MAYLIVING building (www.may-living.de) and has already sold over 50 percent of the planned 70 condominiums. The apartments will be between approx. 43 and approx. 190 square meters in size and offer spacious terraces and balconies. A total of approx. 7,000 square metres of living space will be created. In the second building, MAYOFFICE (www.may-office.eu), state-of-the-art office space is being developed, which will be accessible both from Maybachstraße and from the new Theaterplatz. Spread over three underground parking levels, a total of 300 parking spaces will be available to tenants and visitors.
Thomas Männel, a member of GIEAG Immobilien AG’s managing board: “We are very pleased that we were able to conclude a long-term lease agreement with ISM, one of the leading private business schools in Germany, and that we have let more than 50 percent of the space long before the MAYOFFICE office property is completed. This underscores the property’s high quality and its excellent location. The high sales quota for the MAYLIVING residential project, in which more than 50 percent of condominiums have already been sold, also highlights the highly attractive quarter.”
Prof. Dr. Ingo Böckenholt, President/Managing Director of ISM: “We were convinced by the location, the excellent infrastructure and the state-of-the-art architecture. Both our employees and also our lecturers and students will benefit from the special spirit of the new location.”
Prof. Dr. Cornelia Hattula, Campus Manager ISM Stuttgart: “We are looking forward to the new location and the utilization concept that is perfectly tailored to our needs. This serves to sustainably secure our claim to excellent support for our students.”
The agent for this letting was E & G Real Estate GmbH, a member of German Property Partners GPP.