12 March 2018 - Munich
Pembroke's Munich portfolio 100% let, as two leases are announced at Alter Hof, Lorenzistock
Pembroke has announced lease signings with law firm Watson Farley & Williams and private equity investor Oakley Capital at its prime city-centre commercial heritage property, Alter Hof, Lorenzistock. Following the signings, Pembroke’s 39,000 sq m Munich portfolio is now fully let. Pembroke is also pleased to announce the successful lease renewals of most of the luxury retail and F&B tenants, including the iconic Brenner Grill, at Maximilianhöfe, located on the premiere Maximillianstrasse.
International law firm Watson Farley & Williams has let 1,500 sq m – the entire third floor – on a 10-year lease. UK-based Oakley Capital will open its first international office at Alter Hof, Lorenzistock, having signed a 10-year lease for 500 sq m on the second floor.
Nick Moldon, Vice President and Head of UK and Germany at Pembroke, comments:
As city specialists, we aim to create and manage world-class properties that deliver the best outcomes for our tenants and enrich the communities in which we work. We are delighted that this approach has enabled us to attract new high-calibre tenants Watson Farley & Williams and Oakley Capital at Alter Hof, Lorenzistock.
Pembroke has also confirmed that private equity firm EMH Partners let 1,800 sq m of space at the property in October. The company has now moved into the building’s fourth and fifth floors, also on a long-term lease. Alter Hof, Lorenzistock comprises over 8,000 sq m of mixed-use property in the heart of Munich’s central business district.
Dr. Marcus Bechtel, Partner at Watson Farley & Williams, comments:
We wanted a distinctive location that could meet our business’ practical needs but also reinforce our brand. Alter Hof, Lorenzistock, ticked all the boxes for us with its heritage features yet contemporary design, prime locale and close connection to the city’s transport hubs—important factors in attracting the best workforce.
Ralf Schremper, Partner at Oakley Capital, comments:
Opening our first office outside of the UK is very exciting. Given our strong credentials in Germany, Munich is an ideal city to expand our business and support our strategy of predominantly investing across Western Europe. The office meets our business’ current and future practical needs as we continue to grow and allows us to further embed our networks across the region. Alter Hof, Lorenzistock’s location in the heart of the city is particularly beneficial in attracting the best talent and facilitating frequent travel between our offices.
Pembroke has also negotiated lease renewals with high-end retail and dining tenants, including the premium Brenner Grill, at its prestigious Maximilianhöfe building. Comprising over 20,000 sq m of world-class mixed-use space, Maximilianhöfe is one of Munich’s prime luxury retail destinations and is an integral part of the city’s vibrant retail, leisure and cultural offer. Located on Maximillianstrasse, Munich’s exclusive luxury retail street, the building is home to a range of international office occupiers, leading luxury brands and dining offerings.
CBRE represented Pembroke and acted as exclusive broker for the tenants at Alter Hof, Lorenzistock.