Wolf Theiss has advised German real estate investment company Art-Invest on its entrance into the Austrian market by means of its acquisition of Vienna's Millennium Tower, Austria's second highest office building, from Morgan Stanley and the Kaufmann Group. The purchase took place for a special fund which Art-Invest established on behalf of the pension fund Rheinische Versorgungskassen.
The 50-story Millennium Tower, which reaches a height of 202 meters, features about 40,000 square meters of commercial rental space. According to Wolf Theiss, "the building stands out due to its strategically favorable location at the Handelskai transport and traffic hub with its own railway connection in Vienna’s 20th district."
"The transaction was one of the most challenging deals this year,“ said Wolf Theiss Partner Peter Oberlechner, Head of Real Estate at the firm. “We are proud of the confidence placed in us by Art-Invest to help carry out this complex transaction.”
The Wolf Theiss team consisted of Partner Nikolaus Paul (Banking & Finance) and Partner Benjamin Twardosz (Tax), Consultant Melanie Dimitrov (Tax), and Senior Associate Mimo Hussein (Banking). Real estate law matters were handled by Counsels Birgit Kraml and Stefan Weishaupt and Associates Lisa Rosler, Natascha Johannik, and Stefan Horn.
Editor's note: After this article was published SCWP Schindhelm confirmed that it had advised Morgan Stanley and the Kaufmann Group on the sale of the Millennium Tower Vienna. The firm's core team was led by Partner Immanuel Gerstner and included Real Estate Partner Irene Meingast and Corporate/M&A Partner Lukas Leitner.
Image Source: millenniumtower.at