JLL Luxembourg advises LBR in a major real estate transaction

JLL Luxembourg is pleased to announce its participation as the main advisor in the real estate transaction between LBR (Luxembourg Business Registers) and Twenty70 (association of companies Giorgetti, La Compagnie Foncière Luxembourgeoise, and AG Real Estate). This transaction involves the acquisition of the Connex Avenue building, representing a key milestone in LBR's growth strategy.

Currently located in the House of Entrepreneurship building in Kirchberg, LBR has made the decision to acquire its own premises in line with its growth strategy. After a thorough study of the real estate market, the Connex Avenue building, located at 29-31 avenue de la Gare, was considered an ideal location. LBR was particularly attentive to ESG criteria when choosing this building. It was essential to select a centrally located building that was well-served by public transportation. Furthermore, ensuring natural light to all floors and for all employees was verified.

Connex Avenue is a distinctive mixed-use building comprising 7 levels, featuring commercial spaces on the ground floor and offering a generous 2,906 square meters of office space. Throughout the development and construction phase, Giorgetti served as the asset manager for Twenty70, overseeing the project. Designed by Félix Giorgetti, the completion of Connex Avenue, spanning the years 2021 to 2023, presented significant challenges such as the demolition of existing buildings, preservation and restoration of the historic facade, intricate excavation work, and construction within a constrained urban environment.

Its strong architectural concept combines past and present with a facade that is both historic and modern, and a new building that incorporates the latest office standards. 

Connex Avenue has achieved the prestigious Écogio label, a concept introduced by Félix Giorgetti in 2006. This label guarantees the integration of energy-efficient technical equipment and the implementation of environmentally friendly construction practices, including principles of the circular economy.

Following the acquisition of Connex Avenue in October 2023, LBR has planned to relocate and occupy the premises by mid-2024, upon the completion of the renovation works.

JLL Luxembourg played a pivotal role in this transaction, providing comprehensive advice and guidance to all parties involved. Leveraging its extensive expertise in commercial real estate, JLL facilitated the agreement, enabling LBR to successfully achieve its objective of acquiring a site that is not only conducive to its future growth but also promotes the well-being of its employees and numerous visitors.

Drawing on their deep market knowledge, JLL’s team of experts identified and evaluated potential sites that aligned with LBR's specific requirements and growth projections.

Mr. Yves Gonner from LBR commented: "The acquisition of the Connex Avenue building is a key milestone in our growth strategy. We chose this real estate project for its unique characteristics, combining historic charm with high standards of sustainable construction. With the support of JLL Luxembourg since 2018 on our real estate issues, we are confident in our ability to create an exceptional work environment that will foster the well-being of our employees and visitors while supporting our future development."

Emna Rekik, country lead of JLL Luxembourg, added: "We are proud to have played a major role in this real estate transaction between LBR and Twenty70. At JLL Luxembourg, we are aware of the current trends in the real estate market and the growing importance of ESG criteria (Environment, Social, Governance) in the decision-making process of companies. The Connex Avenue building, with its Ecogio label and commitment to the circular economy, reflects this sensitivity to environmental and social issues."

This transaction demonstrates JLL Luxembourg's ability to meet the specific needs of its clients and create strategic opportunities in the real estate market.