Norges and AXA sell Munich’s fifth-tallest tower

German property firm Art-Invest Real Estate has agreed to acquire the SZ Tower located on Hultschiner Strasse 8 in Munich from landlords Norges Bank Real Estate Management (NBIM) and AXA France for €244 million ($300 million).

The building has a total rental space of around 670,200 square feet spreading up 28 floors, which are fully and long-term leased to Süddeutsche Verlag.Approximately 550,000 square feet are used as office space and the remaining 119,000 square feet are spread over archive, conference, restaurant and kiosk areas.In addition, the property includes a 525-spot parking lot.

The asset is the fifth-highest skyscraper in Munich with a height of 337 feet.

NBIM acquired the tower in 2013 for €164 million ($202 million), marking its entry into the Munich real estate market. The seller was Prime Office REIT.

NBIM entered the German market at the end of 2012 through a joint venture with AXA Real Estate, purchasing the two assets “Die Welle