Commerz Real acquires 25% stake in Hamburg mixed-use development

Commerz Real acquires 25% stake in Hamburg mixed-use development
Photo credit: Signa Real Estate

Commerz Real has acquired a 25% stake in the Elbtower high-rise development from Signa Real Estate in Hamburg’s HafenCity on behalf of open-ended real estate fund Hausinvest.

Construction of the mixed-use high-rise building on the Elbe bridges, designed by David Chipperfield Architects, is scheduled to start at the beginning of 2023 and complete by the end of 2025.

Commerz Real said the excavation pit is currently being dug.

”Already three years before completion, the pre-letting rate is over 40% (that of the office space is over 30%, the hotel operator is also fixed with the international lifestyle brand Nobu Hospitality),” the company said.

“An absolute landmark property in an excellent location with outstanding architecture and construction,” says Henning Koch, CEO of Commerz Real. “Its exceptional position and importance for Hamburg’s urban development, the broad mix of types of use and the forward-looking sustainability concept convinced us and are an enrichment for the fund portfolio.” 

“We are very pleased that with Commerz Real we have been able to win a financially strong and reliable investor, with whom we have been in partnership for a long time, for our landmark project,” says Timo Herzberg, CEO of Signa Real Estate. “Our common goal is to complete the Elbtower as planned by the end of 2025, to maintain it in the long term and to manage it successfully.”  

The 245m-high and 64-storey Elbtower was designed by the renowned architectural firm David Chipperfield Architects. The Elbtower will occupy the eastern end of HafenCity, visible from a distance, and will herald Hamburg’s city entrance on the Norderelbe and the new adjacent major urban development projects Grasbrook and Billebogen.

With their innovative layouts, the publicly accessible lower floors will offer a variety of shops, restaurants, co-working spaces and cultural uses. In this way they will form a public space for Elbtower users and visitors. Here, office users, hotel guests, tourists and Hamburg residents will find a high-quality environment inviting them to linger. Nobu Hospitality will open its first hotel and restaurant in Germany in the Elbtower.

The tower itself offers state-of-the-art office space that can be flexibly configurated, providing a home for the working world of tomorrow, including that of Hamburg Commercial Bank (HCOB). An incomparable view of the city opens up from the public viewing level at a height of 225 metres. Particular importance was attached to the sustainability of the building, which will also meet the highest energy standards.