Swiss Life AM buys office complex in Munich

Swiss Life Asset Managers and Universal-Investment have acquired the high-quality property at Oskar-von-Miller-Ring 20 in a joint venture: Universal-Investment is participating in the office complex for a fund of the Bayerische Versorgungskammer and Swiss Life Asset Managers for a fund of the German branch of Swiss Life. The asset manager is Swiss Life subsidiary Corpus Sireo.

The Oskar office complex is the former Siemens Forum, designed by the well-known US architect Richard Meier. The striking building complex on Altstadtring, in the immediate vicinity of Odeonsplatz and Hofgarten, had been Siemens' headquarters since 1999. After the company moved out, an extensive refurbishment was carried out from a single-tenant to a multi-tenant property.

The fully leased office complex comprises six upper floors and three basement floors with a total of around 26,000 square meters of gross floor area and almost 250 underground parking spaces. The tenants are the publishing house Condé Nast, the co-working provider WeWork and Amazon Web Services. A café will also open soon on the first floor.

The parties have agreed not to disclose the purchase price. The antitrust authorities still have to approve the transaction. (ah)