A joint statement issued by developers Codic and Tralux on Tuesday explained that the purchase was completed on 30 April by companies L2A and L2B.

The 13,000 square metre office space is spread across two buildings. The Lhassa building was completed in November 2018 and is rented to Regus, Wavestone and a Rockids crèche, which is expected to open in September 2020. It is also home to the headquarters of Tralux Construction and Tralux Immobilier.

The second building, named Le Paz, was completed in March 2020 and is 95% leased to Northern Trust. A 400 square metre space remains unoccupied. The sale was conducted by JLL Luxembourg and CBRE Luxembourg. They did not provide the price.

The district on the Luxembourg City belt is already home to several companies including Lalux, Le Foyer, Raiffeisen and Loterie Nationale, which will soon be joined by La Baloise.

According to a CBRE report, office vacancy rates reached a historic low of 3.4% across the country in 2019. It remains to be seen how the health crisis will impact this sector of the real estate market. However, Codic International CEO Thierry Behiels said in a statement that the acquisition showed investor confidence in the Luxembourg market remains.