A further two tenants have agreed terms on office space at Art Déco Palais located at Arnulfstraße 56-60 in Munich, Germany, taking the property to 97% let.
A further two tenants have agreed terms on office space at Art Déco Palais located at Arnulfstraße 56-60 in Munich, Germany, taking the property to 97% let. International real estate advisor Savills acted as exclusive agent on the lettings, which total 1,350 sq m, for the landlord who is an international real estate fund.
Morinda Deutschland GmbH, a leading international developer, producer and distributer of health products made with the Noni Fruit, has taken 610 sq m of office space on the second floor of the property. The letting represents an expansion of the firm’s Munich branch within the Isar-Metropole area. The IFC München (The Munich branch of the International Christian Fellowship), has taken approximately 740 sq m of space on the fourth floor of the Art Déco Palais building. The letting also represents an expansion for the occupier.
Nico Jungnickel, office agency director at Savills Munich, says: ″We are delighted to have found a further two occupiers for this renowned building which is now almost fully let. The flexible space, reasonable rent and central location of Art Déco Palais make it ideal office premises.”
Art Déco Palais, which was built in 1924 and renovated in 2008, is a listed building situated in the heart of Munich. It comprises of a total 37,500 sq m of office space and existing tenants include: IT firm DirektComputer GmbH; marketing agency Consense Communications GmbH; Deutschen Post AG, Kienbaum Consultants International GmbH; E.ON Energy Projects GmbH; digital communications company Conrad Caine GmbH; V-Bank AG and ExperTeach GmbH; Gruppe Nymphenburg and the Munich’s Regional Planning Association (Regionalen Planungsverband München).
According to research by Savills, the office vacancy rate in Munich fell marginally from 6.9% to 6.2% year-on-year in 2013 whilst total take-up in the city also recorded a decrease reaching 616,100 sq m in 2013 against 705,100 sq m the previous year. Both average and prime rents have increased year on year to €15.20 per sq m (+1.5%) and €32.00 per sq m (+1.9%), respectively.
CBRE advised Morinda Deutschland GmbH