(Bloomberg) -- One of the largest prospective tenants in Signa’s abandoned Hamburg tower project is looking for alternatives as it doesn’t believe the building will be completed on time.

Hamburg Commercial Bank’s management is considering options to ensure it has an office. Those include staying in its current premises in the city’s center, which it sold to Signa as part of a broader deal in 2020.

“It is very unlikely that we will move,” Chief Executive Officer Ian Banwell told Bloomberg on Thursday.

The lender had signed contracts to rent several floors in Elbtower from 2025, Signa’s flagship project which would have been one of Germany’s tallest buildings at 245 meters (800 feet). 

Read more: Billionaire Benko’s Property Woes Risk Leaving Scars in Hamburg

Construction work was suspended in October after Rene Benko’s company fell into arrears with its contractors. A project unit for Elbtower — in which Commerzbank AG bought a 25% stake in 2022 — and parent Signa Prime Selection AG have since filed for insolvency.

Original Story:HCOB-Chef bezeichnet Elbtower-Umzug als ‘sehr unwahrscheinlich’

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