Siemens AG Extends Düsseldorf Airport City Lease as Quest Funds Commits More Than €5 Million to Building Upgrades
Hamburg, Nov. 4, 2026 — Siemens AG has extended its lease for roughly 6,300 square meters at its Düsseldorf branch in Airport City on a long-term basis, Quest Funds GmbH announced. As part of the extension, the building's owner, a real estate fund managed by Hamburg-based Quest Funds, will invest more than €5 million in the building's energy supply and the modernization of office space.
Siemens AG Lease Extension at Klaus-Bungert-Straße
The lease covers space in a five-story office building at Klaus-Bungert-Straße 6 and 6a in Düsseldorf's Airport City submarket. The building was completed in 2010, and Siemens has been its main tenant since that year. The Düsseldorf branch is among Siemens' largest in Germany and is responsible for sales and service in Düsseldorf and the surrounding region, according to the announcement.
The investment of more than €5 million equates to at least roughly €794 per square meter of leased space. Siemens will remain in the building while the work is carried out, the announcement said.
Quest Funds Plans Heat Pumps, EV Charging and Office Modernization
The owner will convert the building's heat supply to heat pumps. The existing gas heating system will be retained only as a reserve. In the underground garage, 65 charging points for electric vehicles will be installed. A rooftop photovoltaic system is already generating electricity for the building. The office space leased by Siemens will also be modernized.
"Office buildings from around 2010 are generally in good structural condition, but they are usually still heated with gas. Large tenants are now planning their locations with a view to the period after 2030 with a largely CO2-neutral heat supply," said Florian Wagner, managing director of Quest Funds GmbH. "The long-term contract gives us the certainty to tackle the conversion now. Siemens remains in the building during the work."
Olaf Plante, representative of the Siemens Düsseldorf branch, said the extension is "a clear commitment by Siemens to the Düsseldorf location." He said the modernization of the office space and the investments in a forward-looking energy supply create an attractive working environment and support Siemens' sustainability goals. "With this step, we remain a reliable local presence for our customers in Düsseldorf and the region," Plante said.
Advisers: Cushman & Wakefield, JLL and REIUS
Cushman & Wakefield advised the owner on the leasing transaction, while JLL advised Siemens AG. REIUS Rechtsanwälte provided legal counsel to the owner.
Düsseldorf Office Market Context
The renewal comes as Düsseldorf's office market shows subdued leasing volumes and elevated vacancy. First-half 2026 office take-up totaled 102,400 square meters, broadly unchanged from a year earlier, with vacancy of about 1.09 million square meters, or 11.4%, according to Cushman & Wakefield figures. JLL recorded first-half take-up of 112,200 square meters, down 8% year over year and 16% below the five-year average, with a vacancy rate of 11.8%.
Düsseldorf's prime office rent stood at €46 per square meter per month in the second quarter and remained stable in the third quarter, while the weighted average rent rose to €24.05 per square meter per month by the third quarter. Airport City rents were approximately €15.50 to €18.50 per square meter per month in the third quarter. At those submarket levels, 6,300 square meters would correspond to an indicative gross annual rent of roughly €1.17 million to €1.40 million before incentives and lease-specific adjustments; that figure is a market benchmark, not the rent agreed for the Siemens lease.
Only about 45% of vacant space in the broader Düsseldorf market offers modern fit-out quality, according to BNP Paribas Real Estate. That context bears on strategies such as upgrading existing buildings rather than relying on new construction alone.
Outlook
The Siemens extension secures a long-standing multinational tenant at a 2010-vintage office building and ties the owner's capital program for heat pumps, charging infrastructure and office refurbishment to a long-term lease. Quest Funds said the contract gives it the certainty to begin the conversion now, with Siemens remaining in occupation during construction.
Sources
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