NSI N.V. and the municipality of Amsterdam have agreed an LOI for the future development of a 22,000 sqm wooden office building on the South Axis

NSI already controls the leasehold of the plot. The potential development will be situated on top of an existing underground parking garage. The choice to use wood for construction fits with NSI’s ambition to develop in a highly sustainable and circular way, with a clear focus on well-being and a comfortable working climate. The potential capex is estimated at €90m - €110m, excluding land, with a possible start date not earlier than H1 2022, followed by a built period of circa two years.

Bernd Stahli, CEO: ‘NSI has been working on this potential development since 2018. We fully recognise the short term challenges facing the market. However, we thoroughly believe that in the long run demand for modern, comfortable and sustainable offices will remain, certainly in this prime Amsterdam business district. Given the potential start date in 2022 we have time to see how the economy, office market and customer demand evolves in the period ahead and will plan and act accordingly’.

Sten Karelse, Head of Development at NSI: ‘The agreement with the municipality is an important first step in order to realise this unique opportunity for NSI. We will now start the consultation with all relevant stakeholders to further progress this project. The design fully embraces the changing needs of potential end-users, recognising that inspiration, well-being, meeting and connectivity are key. This wooden building as such marks a new generation of future-proof circular high-rise offices.‘