Last December, the last workers left the site. The Arc building, across from the central train station in Luxembourg City, is now complete, and the new occupants are gradually taking possession of the premises. But just who are these new tenants?

The first floor is exclusively residential. 270m2 are spread across several flats and are being let by a single manager, who is offering short- and medium-term lettings.

The other floors are reserved for office space. On the second floor is the Raiffeisen bank, which will be setting up offices for its employees, as well as a space for receiving private clients. On the third floor, BCD Travel will occupy 410m2. Janus Henderson Investors has chosen the fourth floor, and the fifth and sixth floors have been reserved by Sfeir, a company specialising in IT consultancy. Level -1, which opens onto a courtyard at the rear, is occupied by trustee Zimmer & Partners.

In total, the building has 3,253m2 of floor space, including just over 2,200m2 of office space. “Each floor is around 400m2 in size, which is well in line with current market demand in Luxembourg,” explained Raphaël van der Vleugel, CEO of Eaglestone Luxembourg, the property developer. “In addition to the functional qualities of the space, this building has the advantage of being located directly opposite the station and all transport facilities, which is an undeniable asset.” This location certainly explains the interest shown by companies looking for new office space.

All that remains is 500m2 on the ground floor and two retail units totalling 200m2. “Discussions are underway, but contracts have not yet been signed,” he said. “These are food brands that are more interested in this type of retail space. I would have found it interesting to also have a bit of clothing or a more atypical brand, such as Lego, on the ground floor, but that doesn’t seem to be happening. We are also in dialogue with the City of Luxembourg to find the best commercial offer for this strategic point in the city.”

More support for tenants

It is also interesting to note that the developer’s role does not end with the delivery of the building. Thanks to its team of project managers, Eaglestone can help tenants settle into their new homes. Van der Vleugel stated: “We have a thorough knowledge of the building and the companies that worked on it, which makes it easier to manage tenant fit-outs. On the basis of the interior architect’s or space manager’s plans, we are able to facilitate the implementation of the tenant’s project.

“As the market evolves, we also have to reinvent ourselves, and this type of assignment is increasingly part of the services we are able to offer. It’s one challenge to build a building of this scale and another to occupy it properly. And for the owner, who is now Real IS, it is vital to find the right tenants and to be able to count on leases of varying lengths. Here, we are looking at terms of six years or more. If potential tenants contact us directly, it is also important to be able to entrust mandates to specialist estate agents. Their extensive network enables us to find the right tenant for this type of space. CBRE, Inowai and BNP Real Estate worked with us on The Arc.”

Originally published in French by and translated for Delano