Grossfeld Signs 4,260 m² Lease at East Corner in Luxembourg's Cloche d'Or at €46.50/m² Per Month

Grossfeld, the joint venture between Promobe and Nextensa, has signed a lease with a financial institution for four floors at the planned East Corner office building in Luxembourg's Cloche d'Or district, the venture announced on Nov. 2, 2026. The announcement described the tenant only as a "renowned financial institution."

The tenant will occupy 4,260 m² at a rent of €46.50 per m² per month under a firm nine-year lease. The building, at the entrance to Cloche d'Or, is scheduled for completion by the end of March 2028.

Grossfeld Lease Terms at East Corner

The lease covers four floors of the building. At the disclosed area and rent, the commitment implies roughly €198,090 in monthly base rent and about €2.377 million annually, before indexation, taxes and operating-cost recoveries. Over the nine-year firm term, base rent totals approximately €25.0 million before any escalation.

East Corner offers approximately 7,750 m² of above-ground floor space and 1,900 m² of below-ground space. The 4,260 m² commitment represents about 55% of the above-ground area, leaving roughly 3,490 m² above ground still to be let, roughly 17 months before scheduled delivery.

Grossfeld said the new tenant joins other financial institutions that have chosen the district, naming State Street, Lombard Odier and Citi. The venture said the arrival strengthens Cloche d'Or's position as a financial hub and supports Luxembourg's Central Business District.

East Corner Design and Sustainability Targets

East Corner was designed by architectural firm 3XN. The building features staggered volumes, varying heights and recessed façade elements, and is intended to integrate with the district's landscaping. It will offer flexible office accommodation, and the project is targeting BREEAM Outstanding, WELL Core Gold and LBCI certifications.

Cloche d'Or District Context

Cloche d'Or has been developed under the principles of New Urban Living, which combine energy efficiency, mixed-use development and quality of life. The district holds DGNB Platinum certification. It includes a large urban park, an ecological corridor linking surrounding natural areas, and a network of pedestrian and cycling routes.

Grossfeld has been developing the mixed-use district, which combines housing, offices, shops, restaurants and green spaces, for more than 20 years. Nextensa holds a 50% participation in the venture. Nextensa's 2025 annual-results materials indicated that Cloche d'Or contributed approximately €10.2 million through development-related results and its share of results from equity-accounted investments.

Rent Compared With Luxembourg Market Benchmarks

The €46.50 per m² per month rent is about 8.1% above the €43 per m² per month prime-rent level reported for Cloche d'Or, which rose 4.9% year over year by mid-2026, according to JLL data. Prime rents in the traditional CBD reached €55 per m² per month. Prime rents in Cloche d'Or, Gare and Kirchberg had converged at €43 per m² per month.

Luxembourg's office market has shown lower leasing volume alongside tight availability. Office take-up fell 50% year over year to 51,789 m² in the first half of 2026, while vacancy declined from 3.9% at the end of 2025 to 3.6% at the end of June 2026, well below the roughly 9.5% European average cited by JLL. Average transaction size fell from 1,035 m² during 2021–2025 to 602 m² in the first half of 2026, making a four-floor commitment larger than the recent average.

Cloche d'Or has also drawn very large occupier moves. EY leased approximately 30,000 m² at Crystal Park in the district, in the building PwC is expected to vacate in 2027, according to Cushman & Wakefield.

The Developers

Promobe is a Luxembourg-based developer with more than 40 years of activity in office, retail and residential properties and has been a key player in developing Cloche d'Or. Nextensa is an investor and developer behind projects including the Tour & Taxis site and Bel Towers in Brussels, and is part of the Ackermans & van Haaren holding company, listed on Euronext. Patrick Labey is the manager of Grossfeld.

Sources

• Nextensa press release: Major lease signed at the new 'East Corner' office building in Cloche d'Or