Rolex's presence in Cologne's city center is coming to an end. After more than 40 years in the same headquarters, the brand is selling the landmark property for about €30 million following its move to new premises in the Deutz district, a business district across the Rhine River.
As previously reported by Coronet, Rolex Deutschland GmbH, the wholly owned subsidiary responsible for distributing Rolex products across Germany, had planned to demolish and rebuild its headquarters in Cologne. The downtown property, located between a 17th-century church and the main train station, required approval from the city's design advisory board, which repeatedly demanded revisions, including reducing the building's size to better fit its historic surroundings.
That Rolex Deutschland was unable to compromise on a smaller development and chose to give up its longtime downtown headquarters in Cologne, one of Germany's oldest cities, is the latest sign of the brand's growth in recent years, not just financially but also physically. Rolex has been based in the city since 1956 and in that building since 1983.
JLL, a global real estate services firm, has been appointed to market the property, which is expected to be redeveloped into a mix of hotel and office space.