"Gerling Quartier has reached the home stretch", "Places for strolling", "The first tenants have already moved in" – these are today's German newspaper headlines about our most recent media event in Cologne. And, of course, there is also reference to "Cologne's most expensive flat": the penthouse in the Gerling high-rise changed owners recently at a stiff price (about EUR 17,000/sqm).
On Wednesday this week we invited numerous journalists for an update and a tour of the building site – and the interest was quite considerable. About 15 journalists were on location. And, of course, we also went up the Gerling high-rise with the construction lift.
The autumn 2013 completion of the building shell for the first section of the Gerling Quartier, the third largest inner city development project in Germany, has now been followed by further development milestones. The first commercial tenants have relocated to their new offices in the Gerling Quartier, and an increasing number of apartments are being transferred to their new owners. In addition, the tenants in the gastronomy facilities and shops are gradually opening for business.
“Work is proceeding as planned: the first section is still scheduled for completion at the end of 2014, and the second section with its five buildings should open in mid-2016. These latest developments show that the Gerling Quartier is gradually coming to life – over 60% of the apartments in the first section have already been sold, and we also sold the penthouse in the tower“, explained Christian Riener, the IMMOFINANZ project manager responsible for the Gerling Quartier.
Nearly 415 persons are currently working at the construction site – which represents the highest number to date. The Torhaus was completed in April, and the interior construction in Haus Gerling started during the following month. In May IMMOFINANZ Group also completed the exterior grounds work prior to the reopening of the historical state archive and the chapel and started demolition on the second section facade.
With Köhler & Klett, the first major tenant moved into the Torhaus and part of the Atrium during April. This well-known Cologne legal firm has leased approx. 1,300 sqm of space.
Of the 18,000 sqm of office space in the first building section, approx. 5,000 sqm have already been let. The first condominium owners will move into the Agrippina Palais in June. The completion of the building shell and weather-proof exterior on the Haus Colonia is planned for June, and the construction of the Gereon Lofts should be completed during July. The Globale – home for IMMOFINANZ Group’s headquarters in Germany – will also be ready in July. Plans call for the completion of all office buildings by the end of this year.