Zurich: Allreal and MAN extend lease agreement
Allreal, owner of the Escher Wyss site in Zurich West, has extended the lease with the main tenant MAN Energy Solutions ahead of schedule by five years.
MAN Energy Solutions Switzerland is the main tenant on the 38,362 sqm Escher Wyss site in Zurich West, which is considered one of the city's largest industrial locations. The property, which has around 87,000 sqm of usable space, has been owned by Allreal Holding since 2002. MAN occupies around 32,000 sqm of commercial and warehouse space there, as well as around 11,500 sqm of office space.
The parties have now extended the lease, which expires on 31 December 2023, ahead of schedule by five years until at least 31 December 2028 on the same terms as before, Allreal says. According to the 2021 semi-annual report, MAN is one of the real estate company's five largest tenants and accounts for 6% of total rental income from commercial properties. (ah)
