- Wacker Chemie VVaG pension fund acquires ‘CO:WK’, an office building in the city’s up-and-coming Werksviertel district
- Sale confirms continued demand for premium and futureproof office space
- Designed by the architectural firm C.F. Møller, the project near Ostbahnhof, will be built to the highest sustainability standards (LEED Platinum)
- The property has over18,000 sq m lettable space and will be completed by end of 2023
Munich/Augsburg, 20 October 2022. PATRIZIA, a leading partner for global real assets, has on behalf of its institutional clients sold its office development on the MK 7 site in Munich's Werksviertel district.
The pension fund of Wacker Chemie VVaG acquired the prestigious new building in order to relocate the HQ of the German chemical company, Wacker Chemie AG, to the Werksviertel. Both parties have agreed not to disclose the purchase price.
The building offers more than 18,000 square metres of lettable and flexible office space across six floors as well as over 200 underground car parking spaces. The building was designed by C.F. Møller, one of Denmark's most renowned architectural firms. The development is scheduled to be completed by the end of 2023.
In 2019, PATRIZIA acquired the site of the development in Munich's Werksviertel, a former industrial area with a colourful history that over time developed into a unique vibrant and innovative district in recent years. The former inner-city industrial area is still characterised by the former factories near the Ostbahnhof, and before the current development it was known as one of the largest night clubbing areas in Europe under the name Kunstpark Ost.
Due to the history of the area and the flexible use of the office space, the building is called ‘CO:WK’. The ‘CO’ is inspired by the collaboration within the building and is primarily intended to emphasise that this is collaborative place where people come together, discover and exchange ideas. Through ‘WK’, representative of ‘Werk’ and the English equivalent ‘works’, the name alludes to the industrial legacy of the site, and also to the spirit of collaboration in the modern workspaces.
Designed to promote shared experiences and social interaction, the physical structure of ‘CO:WK’ also fits into its surroundings in a lively and appealing way. The architecture manifests itself as a large unifying grid structure, with a distinct curvy signature, inspired by the former rail tracks of the Werksviertel, that opens towards a common pedestrian zone in the area.
Mirjam Link, Head of Real Estate Development Germany South, at PATRIZIA, commented: "With CO:WK, PATRIZIA continues its drive to be a key enabler of smart cities and the Werksviertel is getting its next showcase project which enjoys futureproof sustainability and efficient energy credentials. With this office building, we are completing a further attractive project in line with the highest sustainability standards. This is aligned to our own objectives as well as those of our investors and project partners to develop socially and environmentally sustainable real estate. We are delighted to have secured the pension fund of Wacker Chemie VVaG as a buyer and Wacker Chemie AG as a tenant for this site near Ostbahnhof."
The German chemical company Wacker Chemie AG has leased the entire space and Wacker Chemie VVaG's pension fund has now purchased the new headquarters, which is currently under construction.
Wacker VVaG pension fund recently sold the Munich-based chemical company's previous headquarters at Hanns-Seidel-Platz.
PATRIZIA was supported by legal advisers GSK Stockmann.
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