The next construction phase of the quarter development at Alter Wall 38 and Alter Wall 40 is taking shape: In a ceremonial public act and in the presence of numerous prominent Hamburg politicians and guests as well as the management of Art-Invest Real Estate, the foundation stone was laid at Alter Wall 40. Just a few minutes later, after the topping-out ceremony, the topping-out crown was raised at Alter Wall 38, the site of the future House of Parliament.

The Hamburg Parliament has rented all office floors and parts of the first floor on a long-term lease in 2023. In the future Haus der Bürgerschaft - just a few steps away from Hamburg City Hall - the state parliament administration and the parliamentary groups will work under one roof. The state parliament will thus reduce the previous five external locations to two central buildings in close proximity to each other. In addition, the well-known Joh. Albrecht brewery will move back into the ground floor and basement. The areas for citizens and restaurants should be ready for occupation by the end of 2025. The final building block in the quarter's design is Alte Wall 40, which is due to be completed at the end of 2026. An attractive

"I have been involved in many exciting real estate projects in my career, but the Alter Wall is particularly close to my heart. It's not often that you get the chance to develop a project in such a prominent location. The challenges could not have been greater: an impressive historical heritage and a technically and creatively very complex task. Without the people and the team effort, the will to learn every day, we would not be able to solve such demanding tasks. People make the difference. This will also be the case after the completion of Alter Wall 38 and Alter Wall 40. In the future Haus der Bürgerschaft, people will have a say in the political fate of the city, people will move into apartments and the new hotel The Hoxton at Alter Wall 40, move into one of the modern offices and thus contribute to making this unique location an even more vibrant quarter. This is precisely what is important to us: we want to provide new forward-looking impetus with and through the use of the property," comments Dr. Markus Wiedenmann, CEO of Art-Invest Real Estate.

"This is an important step on a long road. Over two decades have passed since we first discussed ideas for a House of Citizenship. With the revitalization of the Alter Wall, our search has now come to a happy end. With a modern working environment for parliamentary groups and the parliamentary administration, we are creating the best conditions for the success of democratic processes in our state parliament for the benefit of the city and its citizens. With Art-Invest, we have a reliable and cooperative partner at our side. The rediscovery of the Alter Wall as a boulevard between the Alster and Elbe rivers is a wonderful enrichment for our city center," says Carola Veit, President of the City Parliament.

"The section from Alter Wall 2 -32 has long been one of the busiest streets in Hamburg's city center and has also become a new landmark of the city due to its unique historical architecture. With the redesign of the rear section of Alter Wall, we have the opportunity to develop almost an entire street from Rathausmarkt to Rödingsmarkt. That is very special. Also because we are not pursuing the usual concepts, but bringing living back into the city center and curating a special, non-interchangeable offer that gives visitors to Hamburg's city center a special experience. City centers need new concepts in order to become attractive to people again. With Alter Wall, we are creating a place with a special magic and quality of stay that is unparalleled in Hamburg," says Martin Wolfrat, Partner and Head of Hamburg at Art-Invest Real Estate.