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News Release

Zurich

JLL leases around 8,000 m² in the landmark building «Leuenhof» in Zurich to the Pictet Group


A long-term anchor tenant could be found with the Pictet Group for the prestigious commercial property Bahnhofstrasse 32 («Leuenhof») in Zurich. JLL thereby acted as exclusive advisor to the owner Swiss Prime Anlagestiftung ("SPA").

The unique property is located in the heart of the city of Zurich on the famous Bahnhofstrasse in close proximity of Paradeplatz. The Pictet Group will lease all offices on the upper floors and will also take over the historic, fully functional vault in the basement. In cooperation with the department for preservation of historical buildings and the renowned architect Tilla Theus, the SPA plans to carry out first gentle renovation work, which is expected to be completed in summer 2020. After completion, the magnificent customer hall will be open to the public again.

The letting success at Leuenhof underlines the increasing improvement of the office vacancy situation in Zurich’s CBD. The supply of available space in districts 1 and 2 in the centre of Zurich decreased in Q1 2018 from 67,300 m² to approximately 61,200 m², or 3.9% of that area’s total stock of office space. While the CBD’s occupier market in general remains tenant friendly, the availability of large floor plates is becoming increasingly tight. However, office vacancies in the entire Zurich region, especially in the Zurich North area, should remain higher for longer given the ongoing expansion of the office stock.

The JLL leasing team consisted of Jan Eckert, Anita Bleiker and Andreas Jordi.