Zurich: Pictet rents in the "Leuenhof

The Pictet Group is moving into all office space on the upper floors on a long-term basis and is also taking over the historic, fully functional vault in the basement, JLL reports. The real estate services provider exclusively advised the SPA on the lease. For its part, the Pictet Group had commissioned SPG Intercity with the search for a new Zurich headquarters and the lease negotiations.

By the summer of 2020, the SPA - in cooperation with the preservation of historical monuments and the architect Tilla Theus - wants to have some renovations carried out. After that, the customer hall should also be open to the public again.

SPA had acquired the "Leuenhof" from Credit Suisse in 2016. At the time, it was said that the bank would remain the tenant of the offices for at least two years.

The "Leuenhof" is one of the most beautiful Art Nouveau buildings in Zurich. Like the buildings for the Enge train station, the Swiss National Bank and for the Zurich cantonal administration, it was designed by the Zurich private architects Otto and Werner Pfister.

From JLL's point of view, the leasing success in "Leuenhof" proves that the office vacancy situation in Zurich's city center is improving. According to the real estate service provider, the supply of space in districts 1 and 2 fell in the first quarter from the previous 67,300 sqm to around 61,200 sqm, or just under four percent of the portfolio. Although the market generally remains tenant-friendly in the city center, large-area supply is becoming increasingly scarce, according to JLL.