The real asset and investment manager Wealthcap has achieved a
significant success for the repositioning of the Ten Towers in the east of Munich
: The renowned hotel chain Leonardo Hotels has secured a double tower of the Ten Towers in the immediate vicinity of
Munich's Werksviertel as
a tenant.
Leonardo Hotels will exclusively operate one of the five striking twin towers
in the future and integrate the hotel into the lifestyle brand NYX Hotels by Leonardo
Hotels. The long-term lease agreement for 20 years has beensigned, subject to the final building permit. A positive
preliminary building permit from the City of Munich has already been issued.
Transformation into an urban district
This is the first time that a hotel has moved into the Munich landmark building, which was designed by Kiessler
Architekten in the early 2000s. "The lease agreementclears the way for a comprehensive urban transformation of theentire ensemble and shows the potential for mixed use," explains Johannes Seidl, Managing Director of Wealthcap. The total of fivetwin towers, which were originally used by a single tenant, are currently being revitalized as a mixed-use campus typical of the core area.In addition to the hotel, individual towers are to be rented to variouscompanies in the future. Wealthcap is bringing further towers to the market for multitenant use. Residential use is also currently being examined.Seidl: "The long-term lease agreement is the prelude to a resilient andlively district. The conversion of one of the striking twin towersfrom office space to hotel space takes into account the changed requirements of the marketand has positive effects on the entire neighbourhood. With thevariety of uses, which in addition to office space accommodates a hotel and perhaps evenhousing in the future, we are revitalizing the entire area. The
entire environment benefits from this."
