  We report on recent near-infrared (NIR) and X-ray observations of Sagittarius
A* (Sgr A*), the electromagnetic manifestation of the ~4x10^6 solar masses
super-massive black hole (SMBH) at the Galactic Center. The goal of these
coordinated multi-wavelength observations is to investigate the variable
emission from Sgr A* in order to obtain a better understanding of the
underlying physical processes in the accretion flow/outflow. The observations
have been carried out using the NACO adaptive optics (AO) instrument at the
European Southern Observatory's Very Large Telescope (July 2005, May 2007) and
the ACIS-I instrument aboard the Chandra X-ray Observatory (July 2005). We
report on a polarized NIR flare synchronous to a 8x1033 erg/s X-ray flare in
July 2005, and a further flare in May 2007 that shows the highest sub-flare to
flare contrast observed until now. The observations can be interpreted in the
framework of a model involving a temporary disk with a short jet. In the disk
component flux density variations can be explained due to hot spots on
relativistic orbits around the central SMBH. The variations of the
sub-structures of the May 2007 flare are interpreted as a variation of the hot
spot structure due to differential rotation within the disk.
