Allianz Group's investment and asset manager, Allianz Real Estate, agreed to a €190 million forward deal with Art-Invest Real Estate GmbH & Co. KG to purchase the ATLAS office building in Munich.

The 14-story tower, spanning 26,000 square meters, is being revamped completely. Together with the refurbishments, a new annex and parking facility will be constructed on the site by the transaction's closing, slated for the 2019 second quarter.

About 92% of the total office space is pre-leased to three occupants, including anchor tenant Publicis Groupe.

Clifford Chance, EY, Colliers and CBRE Preuss Valteq served as advisers to Allianz during the deal, while the Germany-based real estate developer was advised by GSK Stockmann and BNP Paribas Real Estate.