Doughty Hanson acquired the site in March 2000 from the Free State of Bavaria. In partnership with a local developer it cleared the site and built two commercial buildings housing 215,280 sf of prime office and retail space as well as a build-to-suit rehearsal stage facility for the State Opera.
The project was completed in 2003. Office tenants include Bain Capital and law firms Weil Gotshal & Manges LLP, Milbank Tweed Hadley & McCloy LLP and Kirkland & Ellis International LLP. Retail areas are occupied by luxury retailers including Dolce & Gabbana, Versace, Etro, Bally and Chopard.
The development will return 5.7 times the equity that was invested in the project, says Doughty Hansen principal Sebastian Greinacher. "Having completed a highly desirable commercial and retail environment…it is now time to realize this value," he says.
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