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Current planning, presentation of SICHTVISON. /// credit: Union Investment, SICHTVISION
Current planning, presentation of SICHTVISON. /// credit: Union Investment, SICHTVISION

A Prime Example Of Real Estate Transformation: Union Investment Converts Former Karstadt Property On Hamburg’s Wandsbeker Markt

ISZ Immobilien Service Zentrum GmbH and Union Investment signed a lease agreement for the use of the space in the former Karstadt property in the Wandsbek Markt district by the Wandsbek district office. The new location for the Wandsbek district office has been leased for a term of 20 years. The move is scheduled to take place by 2029.

The former Karstadt property, which is partially listed as a historic building, will be converted into office space for around 370 district authority employees. The areas of basic social security, the youth welfare office, the general social services (ASD) of the core department and social space management will move into the new premises. An open area will be created for citizens to address their concerns at the front office. Modern working environments will be created on around 10,500 sq m. The total rental space amounts to around 11,400 sq m. The lease agreement was signed subject to the approval of the city parliament. This will now be involved on the basis of the lease agreement.

“With the redevelopment of the former Karstadt property, we have found a solution that is both good and pragmatic,” says Dr Andreas Dressel, Senator for Finance. “In the coming years, an attractive location for the district office, its employees and, of course, the citizens will be created in a central location in Hamburg’s largest district. This is also good news for the core area of Wandsbek. Hamburg is thus making a key contribution to ensuring that the former Karstadt property, steeped in tradition, has a bright future!”

“I am very pleased that, after long and intensive negotiations, we have found a positive solution for a large part of our offices at a new location,” adds Thorsten Baer, Deputy District Head. “The alternative to a new building is a success, and our employees were able to actively participate in the design of the space, which will ensure a pleasant working atmosphere. The new location will revitalise the core area of our district office and is easily accessible by public transport. I am optimistic about the opening at the end of 2028 or beginning of 2029 and am convinced that this step will make our work even more efficient and citizen-friendly.”

“In constructive and always cooperative discussions with ISZ Immobilien Service Zentrum GmbH and the Wandsbek district office, we have succeeded in rethinking an attractive and excellently connected location and developing flexible, modern and sustainable rental space,” adds Christian Born, Asset Manager at Union Investment. This lease agreement is a great success and an important milestone for the Wandsbek Markt district. In addition to restaurants, culture and retail, the district office’s specialist departments will make a significant contribution to the desired diversity of use.”

“’The district office’s decision in favour of the Wandsbek Markt district underlines the great importance and attractiveness of inner-city transformations. The potential of new ideas for the sustainable conversion of existing properties is enormous,” explains Ronald Behrendt, Project Manager at Union Investment.

With Quartier Wandsbek Markt, Union Investment is creating a lively mix of apartments, offices, services and an event and catering hall. Following the demolition of the multi-storey parking lot, the renovation of the historic façade facing Wandsbeker Markt and the demolition of the rear façades from the 1960s will begin in summer 2025. The project is scheduled for completion at the end of 2028.