Dieter Becken, the construction contractor, is set to complete the Elbtower project in Hamburg.

Following the financial collapse of the Benko real estate group, numerous projects across the country have come to a halt, including the Elbtower in Hamburg. The future of this prestige project remains uncertain, but there might be a glimmer of hope. A local construction entrepreneur has shown interest in taking over and completing the project.

After years of inactivity, there seems to be a potential solution for the Elbtower in Hamburg. The entry of local real estate entrepreneur Dieter Becken is being considered, but the deal is not yet finalized. The construction of the tower halted due to the financial downturn of the Benko real estate group.

Torsten Martini, the insolvency administrator, has recently reached an exclusive agreement with Becken Development. The company is part of a holding company belonging to real estate entrepreneur Becken. This means that Martini will only negotiate the sale of the Elbtower with Becken Development.

Martini expressed his satisfaction with the agreement, stating, "I'm confident that I will conclude the sale with the investment group around Dieter Becken." Several bidders were reportedly in the running for the Elbtower, including Hamburg participation company Prio Holding and Turkish construction company Enka.

Initially, funds were lacking, then the ambitious structure lay dormant

The Elbtower was initially a project of Signa Prime Selection AG, an Austrian construction company led by René Benko. The tower was set to be completed by 2025 with an estimated cost of around 950 million euros. However, in October 2023, construction company Adolf Lupp from Hesse halted work at a height of 100 meters due to unpaid invoices.

Eventually, in January, Elbtower Immobilien GmbH & Co. KG, the owner of the Elbtower site, filed for insolvency. The project company was a subsidiary of the also insolvent Signa Prime Selection AG.

According to original plans, the Elbtower, with over 60 floors and a height of 245 meters, was to become the third tallest building in Germany, after the Commerzbank Tower and Messeturm in Frankfurt. The architecture firm of British star architect David Chipperfield designed the building.

The Elbtower was planned to house offices, shops, galleries, cafes, restaurants, a fitness studio, and a publicly accessible viewing platform on the 55th floor. The Nobu hotel chain, co-founded by actor Robert De Niro, was supposed to occupy several floors of the tower.

Becken aims to complete Elbtower within three years

Becken recently told "Handelsblatt" that he plans to complete the construction within three years. He estimates that the last tenants can move in within a maximum of four years.

The Hamburg Senate has signaled support for Becken's plan to house a natural history museum of the Leibniz community in the lower floors of the high-rise. Furthermore, Hamburg's Mayor Peter Tschentscher praised the decision to finance the Elbtower solely through private investors.

Becken is a prominent real estate and investment company with headquarters in Hamburg and offices in several German cities. In Hamburg, the company has completed several projects, including the police headquarters and the large office building "Berliner Bogen".

The Bank shall facilitate the sale of the Elbtower to Becken Development, as per the exclusive agreement made between Torsten Martini and Dieter Becken's company. Once the deal is finalized, Becken aims to complete the construction of the Elbtower within three years.