Piraeus Tower: A brief history
The construction of the Piraeus Tower began in 1972, around the same time as the Athens Towers, with the intention of housing the Piraeus Merchant Shipping Centre. The frame of the building was completed in 1974. However, only the first 3 floors were used, as the rest of the building was left unfinished. The Piraeus Tower, also known to locals as the "sleeping giant", remained empty since 1983.
In 2020 Piraeus Tower SA (a joint venture of Dimand – EBRD – Prodea) was assigned with redeveloping the Piraeus Tower following a call for tender by the Municipality of Piraeus. The scope of the project included the reconstruction of the Piraeus Merchant Shipping Centre (Piraeus Tower) with a gross building area (GBA) of 30,700 sq. m. and a gross leasable area (GLA) of 25,600 sq. m., and also its commercial use. The aim was to:
- Bring the building to life after nearly 40 years of abandonment.
- Establish the Piraeus Tower as a landmark, i.e. a reference point for the city, restoring the prominence and grandeur envisioned in its original design.
The 99-year concession agreement with the Municipality of Piraeus provides for an annual rent of €1 million (+2% annual adjustment).
Financing projects that promote sustainable urban regeneration
Through our team of Real Estate experts, we undertook to exclusively finance the redevelopment of the Piraeus Tower.
The business plan involved the development of 15,900 sq. m. of office spaces, as well as 9,800 sq. m. of retail, dining and wellness spaces and areas.
For the redevelopment, biophilic design principles were adopted:
- Innovative recycling and reuse of the existing façade.
- A new multi-faceted façade for optimal balance between energy saving, light diffusion and utilisation, and unobstructed views.
- A modern photovoltaic system with panels was installed on the Tower's roof to generate green energy.
- Electric vehicle charging stations were installed in all parking areas.
- Increased planted area (1,000 sq. m.) irrigated exclusively with rainwater, using a smart digital system.
- Promoting the occupants’ health and well-being through measures to improve air and water quality, to encourage movement within the building and to ensure thermal comfort, ample natural light and sound control.
The Piraeus Tower is the 1st digital and green skyscraper in Greece to achieve the highest Platinum certification according to the international LEED standard. It also aims to be certified as a WELL building, focusing on the health, well-being and productivity of its users.
Piraeus Tower today
Following its regeneration, the Piraeus Tower has now been transformed into a state-of-the-art building, standing out for its unique aesthetics. Today it is the tallest building in the port and the 2nd tallest in Greece, standing at 88 meters.
The Tower provides thousands of square meters of modern and quality office space, as well as retail and dining spaces in the heart of Piraeus.
It attracts major companies and creates a financial ecosystem with developmental potential, expected to benefit and upgrade the area, transforming Piraeus into a modern urban district.
Piraeus Tower AE has successfully leased 61% of the total leasable area (15,900 sq. m. out of 25,600 sq. m.), generating an annual revenue of €5.4 million. The company is negotiating the lease of an additional 7 office floors. If the negotiations are completed by the end of 2024, the occupancy rate of the Piraeus Tower is expected to reach 90%, with a total annual income of €8.2 million.
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