An architectural competition will begin in early 2011 with the aim of completing the structure between Wittelsbacher Platz and Oskar-von-Miller-Ring in 2015, daily Süddeutsche Zeitung reported on Monday.
The firm's budget is said to be in the low hundreds of millions of euros for the new headquarters, which the company hopes will reflect a transparent, environmentally friendly image, the paper said.
Buildings at the site, not far from the southern tip of the city's famous English Garden park near the Residenz royal palace, are planned to have plenty of glass, with offices on top floors and shops and restaurants on the ground floor. But the Ludwig Ferdinand palace, a protected monument in the complex already in use by Siemens, will be spared major renovations.
Siemens CEO Peter Löscher plans to present more details soon, but Munich Mayor Christian Ude told the paper that negotiations between the city and the company have been going on for some time, and were a welcome declaration of Siemens' commitment to region. He also spoke of a possible pedestrian zone in the area, similar to that between the government district and Museum Island in Berlin.