Hafencity

"One month after the appearance on the French Riviera, Hamburg's Hafencity company posts a "property offer document" online. Those who want to realize the Elbtower can now apply for the property. To avoid a disaster like the concert hall of the Elbphilharmonie, the city is looking for a private investor. The Elphi pain runs deep: it took three times longer than planned to realize the concert hall; it cost the taxpayer more than eleven times as much as originally estimated, at 866 million euros. There are several interested parties for the Elbtower, such as Gerchgroup from Düsseldorf or Tishman Speyer from Hamburg. All applicants come with the Champions League of architects; the city has received designs from Zaha Hadid, Hadi Teherani, or Studio Libeskind."

"The Hamburg Commercial Bank then cleverly dealt with the property. After a phase of lease-back, during which the bank rented the building back from Signa, it plans to "move to the Elbtower, currently in planning, located in the east of Hamburg's new Hafencity district. About 11,000 square meters will be rented, with an option for an additional 2,000 square meters, for at least ten years," according to the press release."