- Long-term green lease encompassing 1,200 sqm at Arnulfstraße 58
- DGNB Gold certification planned for historical office ensemble
BNP Paribas Real Estate Investment Management (BNP Paribas REIM) Germany recently brokered a long-term lease with Network Circle GmbH for exclusive space at Munich’s Art Deco Palais. The tenant took up roughly 1,200 sqm on the 5th floor of the property, which is located near the city’s central station, in August 2022. Network Circle has been extensively upgrading the space by adding an exclusive roof terrace and high-quality design elements. Move-in is planned for 1 November 2022. The property, which is listed as a historic monument due to preservation of the original facade, was built in 1924 based on plans by Munich architect Robert Vorhölzer and then extensively renovated in 2007. The building is expected to receive DGNB Gold Standard certification. The tenant also signed a green lease, which lays out binding rules for sustainable use and management of the property and regulates how the tenant and owner can efficiently and collaboratively reduce carbon emissions.
The Art Deco Palais is situated in a prime location in Munich’s City Centre West submarket and in the immediate vicinity of Arnulfpark with excellent accessibility. Total office space at the multi-tenant building encompasses 42,000 sqm. Current occupancy at the property comes to 91%. The German headquarters of Google and other up-and-coming companies, especially from the tech sector, are located in the direct vicinity.
“Green leases are going to be our new standard. All too often, the potential for reducing energy consumption gets wasted when tenants and owners don’t work hand in hand. We’ve also set ourselves an ambitious goal by pursuing DNGB Gold certification for a listed building, but it’s worth it. The property’s unique draw and wellbeing aspects as well as how it contributes to a sustainable cityscape are what make it so special,” says Isabella Chacón Troidl, Chief Investment Officer at BNP Paribas REIM Germany.
The Munich-based company Network Circle organises business communication events. Its business model revolves around strategically putting executive decision-makers at large corporations in touch with each other and with high-reputation service providers from the tech and consulting industries. Network Circle was founded in 2018. The company now has more than 65 employees and organises around 180 events per year in Germany and the Netherlands. “The Art Deco Palais is exactly what we’re looking for as we continue to expand and drive internationalisation. The building is impressive, ESG-compliant and highly attractive and is situated in a great location with excellent access to transport. That will put us one step ahead in attracting industry-leading talent,” says Luca Hennicker, Chief Executive Officer of Network Circle.
Independent real estate consulting firm Knight Frank in Munich assisted Network Circle in concluding the long-term lease.