STOCKHOLM, Sweden, Oct. 3, 2002 (PRIMEZONE) -- Hufvudstaden has commenced the extensive renovation and development of the Norrmalmstorg 1 property. The aim is for the building to regain its former status as one of the foremost commercial landmarks in the city of Stockholm.
When architect Ivar Tengbom's creation was completed in 1932, it was acknowledged as being Stockholm's first modern retailing and commercial building. The building was unique for Stockholm, with its modern technology and highly flexible planning. The building was also unusually lavish in terms of materials and decoration. The developer was Torsten Kreuger, whose family owned the building until 2000.
The overall aim behind the refurbishment of the building is to recapture its character as a leading centre of business, finance and law.
"We are proud that Zara, one of Europe's most well-known fashion brands, has chosen Hufvudstaden and Norrmalmstorg 1 for its operations in Sweden," said Ivo Stopner, President of Hufvudstaden.
Zara will rent a large part of the ground floor and first floor on the corner of Hamngatan and Norrlandsgatan, totalling 1,600 m2 and plans to move in during autumn 2003. The lease is for 12 years. The largest tenant in the building will be Danske Bank, which will lease the upper office floors, equivalent to approximately 7,500 m2 and is due to move in at the turn of the year 2003/2004.
The total rentable space will be approximately 15,000 m2 and is dividedas follows:
Type of premises Floor space, Proportion
m2 %
Office 10,000 67
Retailing 4,400 29
Other 600 4
"Norrmalmstorg 1 is a building with incredible potential. The long-term ambition is to create an exciting and attractive mix of stores and office premises, where the design and standard are second to none," added Ivo Stopner.
"There is a great deal to be gained from co-ordinating with Hufvudstaden's other properties within the so-called Golden Triangle and the NK property on Hamngatan. The establishment of Zara at Norrmalmstorg 1 is a key part of this strategy. Our aim is to develop Norrmalmstorg into an even more attractive location for all the people of Stockholm," concluded Ivo Stopner.
If you have any questions, please call: Ivo Stopner, President, telephone 08-762 90 00 Bo Wikare, Head of the Stockholm East City Business Area telephone 08-762 90 60
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