First residential development in Hamburg City Nord

A consortium made up of Otto Wulff Bauunternehmung, Hamburg Team and Berlin based Christmann Gruppe has acquired the former Oberpostdirektion property – known as the Postpyramide – at Hamburg's Überseering 30.

It is planned to demolish the vacant complex at the beginning of 2017 and develop a residential and office quarter there – the first residential development in the City Nord office location. The design drafted by Hamburg-based KBNK Architekten proposes 66,000 sqm of above-ground GFA. Of that, 48,000 sqm are to be for about 500 apartments, up to a third of which are to be subsidized. The investment volume is to be about €200mn. Berlin-based Benino Investments, the seller, was given legal advice by law firm Gibson, Dunn & Crutcher.