In 2010, Siemens and the city of Munich announced the launch of the construction project and organized an architectural competition. The winning design, which was developed by the Danish architectural firm Henning Larsen Architects, skillfully combines tradition with the future. The historic Ludwig Ferdinand Palais and its adjacent building are being seamless integrated into the new cutting-edge building. The ground floor of the structure has been designed as a publicly accessible campus with green inner courtyards, outdoor seating, exhibition spaces, café and restaurant. The result will be a new urban quarter in the heart of Munich which, after its opening in the summer of 2016, will allow pedestrians to stroll directly from the city's historic center to its museum district.
The ambitious project is being implemented by Siemens Real Estate, a leading corporate real estate company which is responsible for all of Siemens' real estate activities. These include managing the company's real estate portfolio, optimizing floor space utilization, and overseeing the operation of its real estate holdings, including all real-estate-related services, as well as leasing and disposing of real estate assets and planning and implementing all Siemens construction projects. In fiscal 2014, Siemens Real Estate had about 1,500 employees in real-estate-specific functions and generated revenue of some €2.4 billion. Net income totaled €241 million.
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