As of: February 24, 2024, 8:32 a.m
By: Nadja Hoffmann
Comments
Press
Split
This contract made things look good in 2022, but now it is already history.
The start-up Personio will not move into the Elementum at the main train station.
Its completion is also delayed.
The major Elementum project at the main train station is making new headlines.
The owner of the square has just changed after a real real estate poker game.
Now a huge deal for the future use of the building has fallen through: The rental agreement with the start-up Personio, which offers software for personnel and companies, will be terminated.
It was about 40,000 square meters.
As both sides emphasize in a joint statement, the contract between Personio and the project developer Accumulata has been terminated “amicably”.
The building owner took the first step.
The old Postbank building is still being demolished.
© Marcus Schlaf
Goal for the Elementum in Munich: Make the district more efficient
“The termination agreement clears the way for the Elementum project company to optimize the concept and adapt it to the changed market conditions,” reports Accumulata.
The latter is the local project developer, who in turn acts for a Luxembourg company.
This is controlled by the risk hedge fund Oaktree, which took over Elementum from the Austrian Imfarr in September 2023.
When Imfarr signed the contract with Personio in 2022, they spoke of “the largest rental in the history of Munich” - based on the contract value.
This one was never named.
Rumors that over 40 euros would be paid per square meter remained unconfirmed.
This is what it should look like inside the Elementum.
© Herzog & DeMeuron
“Since the takeover in September 2023, an extensive inventory of the Elementum has taken place, including all stakeholders.” Goal: To make the quarter with its 70,000 square meters more efficient.
“And better aligned with the needs of future tenants.” In industry circles, there are increasing signs of a decline in demand for office space.
(Our Munich newsletter regularly informs you about all important stories from the Isar metropolis. Register here.)
Completion of the Munich Elementum was scheduled for 2027 - has now been postponed
This is also reflected in the bankruptcy of WeWork, which offers co-working spaces.
The company has already gone bankrupt in the USA.
But the German branch of the company that rented 15,000 square meters in Elementum did not.
Upon request, Accumulata leaves it open whether this rental agreement still exists.
The project developer explains: “By terminating existing rental agreements, we create flexibility in further planning, as we are not limited by contracts and decisions made earlier.” What is also new is that the completion of the Elementum is now scheduled for 2027 .
This means the schedule is postponed by a year.
My news
Horrible act in Munich: Man assaults an unconscious woman in the middle of the city
Young Berliner (23) walks through Munich in broad daylight with several hundred grams of drugs
Discovery in Munich: For some experts the “deadliest drug in the world” – chief doctor shows dangers
The driver ends up in a ditch - the road is temporarily completely closed
These night train connections are available from Munich
Curious reviews of the Viktualienmarkt – the speaker classifies them as “probably ripped off”.
The demolition of the existing Postbank building on the corner of Bayer- and Paul-Heyse-Straße opposite Munich Central Station is currently in its fourth year.
A modern office and commercial building including a large, green inner courtyard was originally intended to be built there.
One of the ideas that the renowned planners from Herzog & DeMeuron had was a tartan track on the roof of the new quarter.
You can find more news in our brand new tz app, now in an improved design with more personalization functions.
Directly available for download, more information can be found here.
Are you an enthusiastic user of WhatsApp?
There too, tz.de/muenchen will now keep you up to date via a new Whatsapp channel.
Click here to go directly to the channel.