New headquarters for over a billion euros

Dhe new headquarters of the Deutsche Bundesbank will apparently cost more than a billion euros and more expensive than the striking skyscraper of the European Central Bank (ECB) in Frankfurt’s Ostend. A spokesman for the Bundesbank said on request on Tuesday that there was still no reliable cost estimate, this will only be available after the planning for 2023 has been completed. The fact that the new Bundesbank headquarters will cost more than the ECB skyscraper by the architects Coop Himmelb (l) au, which was opened seven years ago and which has long since become an urban landmark for Frankfurt and the monetary policy of the euro zone around the world has is not disputed.

The cost of the ECB building, which connects the historic wholesale market hall from the 1920s by architect Martin Elsaesser with a modern high-rise building, was estimated at 1.3 billion euros at the time. The high costs had sparked discussions in Frankfurt at the time. A Bundesbank spokesman, however, rejected a report in the Handelsblatt that the Bundesbank’s costs were now getting out of hand.

Symbolic power of the two centers

Both headquarters are symbolic: the self-confident skyscraper of the ECB on the Main with lots of glass also stands for European monetary policy, which has been operated from here since 2014. The Bundesbank, with its defiant building block, which has so far mainly been characterized by a lot of concrete, on the so-called “Diebsgrund” at the other end of Frankfurt, not only stands for the monetary policy of the national predecessor organization. In the Governing Council of the ECB, the position of the Bundesbank is nowadays often the line of the “hawks”, who are more in favor of a tighter monetary policy, versus a majority of “doves” who are in favor of a more relaxed policy. This is also what the two headquarters stand for.

It has long been clear that the Bundesbank headquarters needs to be overhauled and expanded. That is why there is a big move in Frankfurt, around 2000 employees are temporarily housed elsewhere. A real ensemble of buildings, called the “campus”, is to be created in the vicinity of the previous headquarters. This will include three new office buildings, also known as “high-rise slices”, as well as a gym, a day-care center and a catering pavilion.

The ECB headquarters cost around 1.3 billion euros.


The ECB headquarters cost around 1.3 billion euros.
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Image: dpa

Four reasons why the Bundesbank headquarters is more expensive than the ECB

The Bundesbank names four reasons why its headquarters are becoming more expensive than that of the ECB. The headquarters of the Bundesbank will simply be designed for more employees than that of the ECB – namely for around 5,000 instead of 2,300. So measured by the number of employees, it is a larger project.

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