FRANKFURT-The giant 1.5-million-square-foot office and mixed-use complex Airrail, being developed by German listed group IVG next to Frankfurt Airport, is due to open in October after a number of delays. The Bonn-based group intends to move much of its own activities into the structure that many compare to an ocean liner in shape.

Gerhard Niesslein, IVG CEO, said leasing of Airrail is now accelerating after a sluggish start and some 62% of the office space has been pre-leased. Marketing is picking up momentum after IVG formed a team to service the facility, headed by Kirsten Hennig. Among IVG operations being moved to Airrail is the company’s fund management operations, currently working out of nearby Wiesbaden, as well as Niesslein’s own executive office.

“The major advantages of this location quickly become apparent when you work here,” he said. “While appointments with important business partners are difficult to get at the best of times, almost all of them pass through the Frankfurt Airport hub regularly - sometimes several times a month. Finding a short window for a face-to-face discussion turns out to be extremely easy at Airrail.”

Marking the official opening will be the handover to one of Airrail’s major anchor office tenants, the international accounting and financial services group KPMG. The firm is moving not only its German activities out of a suburb of Frankfurt, but also its European headquarters, with staff moving from London. It sees cost and time efficiency savings at continental Europe’s busiest air-rail-road hub as bringing significant benefits. IVG has been grappling with cost overruns in the project, after the original investment cost of $1.1 billion.

Allan Saunderson is a managing editor of Property Investor Europe and a contributor to GlobeSt.com.