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In its day, the building cost 10 million Marks. It was erected on 6026 beech piles by the architects, Hermann Eggert and Gustav Halmhuber. "Ten million Marks, Your Majesty – and all paid for in cash", announced the City Director, Heinrich Tramm, when the New Town Hall was opened by Emperor Wilhelm II. The square in front of the City Hall was named "Trammplatz" in honour of Tramm. The New Town Hall replaced the Wangenheimpalais as the city hall from then on.