GE Real Estate announces that it has acquired an 18-story office building in Frankfurt from a private individual for €33 million.
Bleichstrasse 64-66, formerly fully occupied by Dresdner Bank, comprises 10,000 m€ of high-quality office space in Frankfurt's city center. Originally constructed in 1972, the building was fully refurbished in 1999 and can be configured for single- or multi-tenant use. This unique building is one of the few in Frankfurt's city center to offer this combination of flexibility and scale.
This acquisition offers GE Real Estate an unusual value proposition at a time when good quality accommodation in Frankfurt city center is becoming scarce. In an environment of increasing rents, GE Real Estate will be able to offer, following completion of the refurbishment in mid-2008, top quality and flexible space at competitve rents.
Commenting on the acquisition, Rainer Thaler, Managing Director of GE Real Estate in Germany, said: "Securing Bleichstrasse 64-66 at this point in Frankfurt's real estate cycle further demonstrates our ability to track and identify acquisition opportunities in the market that will benefit from our asset management expertise. Our core objective for this investment is to offer tenants looking for high quality space in a central location, a product that suits their requirements and represents good value for money."
GE Real Estate was advised by NAI Apollo on the transaction.
Source: GE Real Estate