Bane NOR Eiendom bought the Paléet Parkeringhus in 2021, and has been working on plans to demolish the existing car park and establish modern office workplaces and create life at street level. Framework permission for new construction was granted in the autumn of 2024.

"We want to facilitate a holistic development of the area around Oslo S, which is Norway's largest hub. The company is responsible for the development of Oslo S, and has already carried out a major transformation of Østbanehallen. When it

regarding the property we bought in 2021, we believe that a living urban floor and efficient office workplaces at Norway's largest public transport hub are better than a parking garage for 400 cars," says Morten Austestad, director of development, Bane NOR Eiendom

Bane NOR Eiendom has invited the Olav Thon Gruppen to become owners, and together they will each own 50 percent of the project. Both companies are solid and want to facilitate the development of the area at Christian Frederiks plass near Oslo S. The Olav Thon Group already owns, among other things, the Thon Hotel Opera and the Diagonale properties.

"We are delighted to have the opportunity to collaborate with Bane NOR Eiendom and look forward to developing and managing this great property together. This is one of Oslo's most attractive areas and we are very pleased to strengthen our portfolio in central Oslo, says Annette Hofgaard, Executive Director of the Olav Thon Group.

Bane NOR Eiendom previously owned the entire building and is now selling half to the Olav Thon Group on market terms. Today, the property has rental income of approx. 35 MNOK, while the new office building is expected to have rental income of well over 100 MNOK. The parties have reported the planned collaboration to the Norwegian Competition Authority.

Demolition of the old car park is scheduled to start in early 2025, and it will take around four years before the new building is in place. The work to bring in tenants for the retail and office areas will start in 2025.

The new building is planned with very high ambitions in terms of sustainability and architecture, and the goal is for the building to stand as long as Kvadraturen. The property has a particularly central location - by Oslo S and midway between new Bjørvika and Karl Johans gt. Very good light and view conditions make this a completely unique project right in the middle of Oslo city centre.

"With Bjørvika, Deichman and Østbanehallen, this area has changed completely from what many of us remember it as. This side of Christian Frederiks plass is the last piece of the puzzle to make this a great meeting place for people of all ages," concludes Morten Austestad.

Bane NOR Eiendom has had assistance from Wiersholm and Colliers in the transaction, while Olav Thon Gruppen has had assistance from Advokatfirmaet Grette.