Hamburg's Elbtower in Exclusive Sale Talks with Becken Development

Dec 13, 2024, 06:34 PM

The Elbtower in Hamburg, a prestigious real estate project that was halted due to the insolvency of its previous owner, Signa Prime Selection AG, is now in exclusive negotiations for its sale. Insolvency administrator Torsten Martini has entered into an exclusivity agreement with Becken Development GmbH, part of a consortium led by Hamburg-based real estate entrepreneur Dieter Becken. The Elbtower, which was intended to be Germany's third-tallest building at 245 meters with over 60 floors, has been dormant since October 2023 when construction stopped due to unpaid invoices. The project, designed by British architect David Chipperfield, was to include offices, shops, galleries, restaurants, a gym, and a viewing platform, with plans for a Nobu hotel. Becken aims to complete the construction within three to four years and has proposed housing a Leibniz Association natural history museum on the lower floors. The Hamburg Senate has signaled approval for this development, emphasizing the exclusive risk taken by private investors.