Family-run Munich-based real estate company GIEAG Immobilien AG today announced that it has achieved a significant rental success with their major MAYOFFICE project located in Stuttgart’s Pragsattel district. In what is planned to be an office complex totalling approximately 10,000 square metres, the company has rented the entire top floor – approximately 1,300 square metres – to ADWEKO Consulting GmbH on a long-term basis. SGB Stuttgarter Grund & Boden GmbH advised ADWEKO, while Angermann Stuttgart acted as the estate agent. Following the start of construction in June 2018, this marks another milestone achieved by GIEAG in this new Stuttgart construction project.
By spring 2020 GIEAG will have delivered a real estate project that consists of two buildings adjacent to Killesberg Hill Park in Stuttgart, directly at the new Theaterplatz. The total investment volume is more than EUR 70 million. GIEAG is already enjoying a great degree of interest in the MAYLIVING building (www.may-living.de) and has also managed to sell more than 40% of the 70 planned apartments long before the completion of construction. These apartments measure approximately 43 to 190 square metres and offer generous terraces and balconies. A total of approximately 7,000 square metres of residential space will be created. The second building, MAYOFFICE (www.may-office.eu), offers state-of-the-art office space with imposing entrances on both Maybachstraße and the new Theaterplatz. The complex’s underground car park provides tenants, visitors and residents with a total of 300 parking spaces spread across three levels.
Thomas Männel, a member of GIEAG Immobilien AG’s managing board, commented: “With its vibrant and innovative architecture, our new ‘MAYLIVING + MAYOFFICE’ construction project will be a prominent feature in urban development. The appeal of this new quarter, which blends living and working in a single environment, is clear from the fact that we have already sold more than 40% of the apartments available for sale and are experiencing high demand from potential tenants for the modern office space offered by the MAYOFFICE building. We are very pleased to have been able to conclude a long-term rental agreement with ADWEKO, a successful player in the financial services advisory sector, at this early stage of the project and view this as confirmation of both our expertise in building modern real estate and the choice of location.”
Frank Mörsch, Head of Marketing & Administration at ADWEKO, said: “We were won over by the location, modern architecture and the facilities planned for this new working environment. Our employees and clients will both benefit from the unique spirit of our new office space.”
GIEAG is a family-run Munich real estate stock corporation. The shares of GIEAG Immobilien AG are traded on the Munich Stock Exchange as well as the Frankfurt Stock Exchange and Xetra. By combining the three asset classes - office, residential, logistics - and the two service areas of development and portfolio management, the company offers stability that is unique in the market. The GIEAG team of experts is a guarantor for innovative and forward-looking concepts.
Over the past 22 years, GIEAG Immobilien AG has developed and optimised a large number of real estate projects with areas of up to 145,000 square metres and an individual investment sum of 15 to 150 million euros. Partnership, transaction security, perseverance and speed are the basis of sustainable value development for GIEAG.