A joint venture between Bauwens Development and Hochtief Projektentwicklung has been mandated for the construction of a 14,400-m2 office property in the university quarter in the Northern German city of Essen.

Health insurer AOK Rhineland/Hamburg has agreed to take a long-term lease for the entire building, which will house its regional headquarters and other central specialist departments.

This is the biggest individual lease in Essen since 2009, Hochtief and Bauwens said in a statement. The asset is aiming to obtain certification for the building from the German Sustainable Building Council (DGNB).

Preparations for construction work are due to get under way in November 2011 and completion is scheduled for Q2 2013.