Union Investment Real Estate has signed one of Switzerland's biggest leases of the year for its 51 Fifty-One new build in Zurich-West. The scheme was developed by Marazzi at its own risk and was acquired by Union Investment in 2008.
Union Investment Real Estate has signed one of Switzerland's biggest leases of the year for its 51 Fifty-One new build in Zurich-West. The scheme was developed by Marazzi at its own risk and was acquired by Union Investment in 2008.
The scheme is now entirely let on a long-term lease to Swiss telecoms company Swisscom. Around 1,600 employees are expected to move into the new 20,500-m2 business park in Zurich in spring 2012.
Property consultants SPG Intercity Zurich advised on marketing of the entire building.
'Zurich-West has proved to be the ideal point of entry into the Swiss market for Union Investment. Swisscom's decision demonstrates that we correctly assessed the potential of the emerging location by investing in 51 Fifty-One and the neighbouring West-Park building, which is also fully let,' said Dr. Karl-Joseph Hermanns-Engel, a member of the management team at the Hamburg-based property investment manager.
Developed by Marazzi Generalunternehmung without pre-letting, the building was sold in September 2008 at the project stage to UniImmo: Europa, an open-ended real estate fund managed by Union Investment, with an 18-month rental guarantee. The property directly opposite, West-Park, has belonged to sister fund UniImmo: Global since May 2009. Completion of the 51 Fifty-One office building is scheduled for March 2011. Energy efficiency and environmental performance are key aspects of the project.
