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Herbert Smith Freehills advises Citigroup on new German Headquarter Lease

07 July 2022 | Germany
Deals and cases

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Herbert Smith Freehills has advised Citigroup on the lease of more than 10,000 sqm of office space in the Frankfurt "Taurus" building. Such building, which is still under construction, will serve as Citigroup's new German headquarter.

"Taurus" is being developed by AXA Investment Managers Deutschland GmbH. The lease agreement with Citigroup marks the largest office lease in Frankfurt/Main in the second quarter of 2022.

The "Taurus" is built on the site of the former “Goertz Haus”, Biebergasse 6-10 / Börsenplatz 7-11, and is located directly opposite the Frankfurt Stock Exchange. The eight-storey office and commercial building comprises a total of 15,280 sqm including space for retail and restaurants on the ground floor and the first floor.

Citigroup plans to start occupancy in the summer of 2024. Approx. 450 Citigroup employees will relocate from the existing office space behind the Alte Oper to Börsenplatz.

The Herbert Smith Freehills team advising Citigroup was led by real estate partner Sven Wortberg, and included tax partner Steffen Hörner as well as associates Mathias Sušnik (real estate) and Wladimir Leonhard (tax).

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