is almost ready to begin on a new landmark office building in Munich, Germany. Lend Lease Global Properties, SICAF, an affiliate of Sydney, Australia-based Lend Lease Corp., is developing Munich Tower. Located within Munich's Mittlerer Ring, the $70 million project will have approximately 200,000 sq. ft. of Class-A office space and a leisure component in the 22-story tower and adjacent five-story building. Construction is scheduled to begin by the end of this year and is slated for completion by the end of 2002.
"Munich Tower will offer great opportunities for local companies because the building is the only high-rise in Munich that will be available for lease in the open market," says Andrew Wood, a principal at Lend Lease Real Estate. "Munich Tower will offer some relief in a market that has restricted availability.