Credit Suisse is selling Leuenhof, a landmark property on Zurich’s Bahnhofstrasse to a real-estate investor. This is what the new owners plan to do with the building and what this means for the bankers working there.
The building sold is another eye-catching example out of the treasure trove of Switzerland’s No. 2 bank. Credit Suisse (CS) had been looking for a buyer for the property on Bahnhofstrasse 32, the Leuenhof, in the immediate neighborhood of Paradeplatz, as finews.ch reported recently.
Now, the owner is known. CS confirmed to finews.ch that Swiss Prime has come up trumps in a bidding competition for the property. Some 200 pensions funds in Switzerland and Liechtenstein are invested in the fund, which bought Leuenhof.
Bankers' Haunt
CS received a million-franc amount in triple digits. «Leuenhof is a top property at a prime location, which only very rarely is on the market,» Swiss Prime said.
The new owner said all contracts would be retained and that there were no vacancies at the property. The site, a classic Jugendstil building, hosts several known brand stores and Café Leone, a bankers’ haunt.
CS to Stay for the Time Being
CS will also remain at Leuenhof for the time being (pictured below) – the bank will rent the offices for at least a further two years from the new owners. Swiss Prime wouldn’t say what it planned to do with the property in future. The investment fund is managed by staff at Swiss Prime Site (SPS), a real-estate firm, yet acts independently. It sees room for a future development but hasn’t taken any decision yet.
Bank Leu Headquarters
Leuenhof was headquarters to Bank Leu since 1915. The bank, founded in 1755 later became Bank Clariden Leu before being fully integrated into CS in 2012. CS in 2007 decided to renovate the building to the tune of 20 million francs.
CS has sold several landmark buildings in Zurich in the past years. The previous Volksbank building on Bahnhofstrasse was sold to Axa Winterthur, Metropol to the Swiss National Bank, Uetlihof to the Norwegian state fund and, most recently, Griederhaus to Swatch, the watchmaker.
