LaSalle Develops ‘Office of the Future’ for Encore+
MUNICH (December 16, 2020) — LaSalle will develop the first hybrid timber office building in Munich on behalf of Encore+, its flagship pan-European fund (“the Fund”), in collaboration with ACCUMULATA Real Estate Group (“Accumulata”). The planned sustainable building will be developed in Munich, at Elsenheimerstrasse 31, a partial development of a site owned by the Fund and acquired in 2019.
The new-build development will be a hybrid-timber construction and is intended to meet the highest sustainability standards in regard to development, building materials and operation. It will have a total of approximately. 15,000 m² of lettable floor space over seven floors which will enable a highly flexible use of the building.
Characterized by innovative architecture with exciting design, the property will feature a landscaped courtyard and roof terraces, as well as implementing smart-building technology with an environmentally friendly and efficient building management system. This development satisfies the demographic, technology, urban and environmental trends and we will seek a DGNB platinum certification for it.
Situated between the Hirschgarten park and Heimeranplatz in the heart of the Westend district, Elsenheimerstrasse is in one of the most popular office submarkets in Munich. The well-established location benefits from an excellent infrastructure including direct access to the public transportation network via the “Hirschgarten” S-Bahn (regional train) and Westendstrasse U-Bahn (metro) stations. stations.
David Ironside, Fund Manager of Encore+, said: “With the project at Elsenheimerstrasse, we are aiming to set new standards in terms of sustainability, and taking a pioneering role in the development of hybrid timber office buildings in Munich. Our acquisition of the property for the Encore+ Fund in 2019 was inspired partly by its high potential for a new-build development and its outstanding location in one of the most attractive markets in Munich. Today, we are delighted to be developing a project together with Accumulata that meets the quality and intensifying sustainability expectations of incoming occupiers as much as our own. On Munich’s office market, where for years a persistently strong demand has coincided with low vacancy rates, the ‘office of the future’ will deliver high long-term returns for our investors.”
Daniel Manta, Project Manager at Accumulata, added: “The new-build development combines innovation, sustainability and the highest quality standard, and thereby anticipates the needs of tomorrow. Our ‘Flight to Quality’ approach manifests itself in the selection of sustainable materials, energy-optimised systems and smart-building prerequisites along with a wide variety to supplementary tenant services. Collectively, the design components form the core of tomorrow’s workplace where people love spending time, while simultaneously helping to minimise the environmental impact. Our objective is to offer future occupiers a sustainable environment that lets them unfold their full potential.”
About LaSalle Investment Management
LaSalle Investment Management is one of the world's leading real estate investment managers. On a global basis, we manage approximately $71 billion of assets in private equity, debt and public real estate investments as of Q4 2020. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.
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