Revitalisation of an office building in a prime location – long-term lease agreement with Noerr already concluded
S&P Commercial Development is implementing the cooperation with its new shareholder, the insurance group Die Bayerische, directly in a first joint project. As a Service Development Partner, the company is responsible for the comprehensive revitalization of the office building at Barer Straße 7–9 in Munich. The project also makes the previously announced strategic cooperation between the two companies a reality.
The existing building from the 1960s will have a gross floor area of around 13,684 m² in the future. As part of the refurbishment, the property will be comprehensively modernised and developed into a high-quality, sustainable office location. The international commercial law firm Noerr, which had considered a change of location in the meantime, was won over for another long-term lease in Barer Straße. In the course of this, the law firm is expanding its space to around 10,453 square metres and will become the anchor tenant of the revitalised building.
"With the revitalization of the property in Barer Straße, we are making targeted investments in the future viability of our real estate portfolio," explains Judith Lechermann, CIO of Bayerische. "The fact that our long-standing tenant Noerr is now once again committed to the project in the long term confirms the high attractiveness of the location and the concept. We are pleased to have an experienced development partner at our side in S&P Commercial Development."
As part of the revitalisation, the building will receive a new façade design and high-quality interior fittings. In addition, the attic is planned to be extended. By enlarging the existing staggered floor, the building will be supplemented by a modern congress and conference area of around 600 m². Flexibly usable event and meeting areas as well as a spacious roof terrace of around 500 m² are planned. In total, the area will offer space for up to 350 people. A cafeteria on the ground floor and modern employee lounges round off the usage concept.
"Barer Strasse combines an excellent inner-city location with great development potential," says Sven Sontowski, Managing Partner of S&P Commercial Development. "Our goal is to develop an existing building from the 1960s into a sustainable office location. We are pleased about the first mandate for Bayerische, with which we are now also bringing our partnership to life operationally."
The building will also be comprehensively upgraded in terms of sustainability. The aim is to achieve a DGNB Gold refurbishment. The renovation is scheduled to start at the beginning of 2027, with completion scheduled for the end of 2028.
Located in the middle of Munich's Maxvorstadt, the property is located in one of the most attractive office locations in the state capital. The immediate proximity to cultural and scientific institutions, excellent public transport connections and the urban environment make Barer Straße a sought-after location for companies.
Development in Service Development
As a full-service partner, S&P Commercial Development is taking on all project development tasks for the project - from strategic concept development to support for planning and approval processes to implementation and marketing. The company has successfully expanded the business area in recent years as a further pillar. Nine projects with a total gross floor area of over 180,000 m² have been completed so far and are under development.
