DIC has now sold the 'Primus' office complex in the future MainTor district to the Frankfurt-based private investor and benefactor Professor Carlo Giersch as part of a forward deal before construction work has even begun. The DIC group is to create the new building by mid-2013. By then the company will house its Frankfurt headquarters in around 3,300 m² of the complex's office space. Discussions regarding the remaining rental space are already underway with additional interested parties.
The preparatory measures, the demolition work and the work to prepare the site as a whole for the subsequent construction stages will take around six months. At the same time, the Primus building shell, which by then will have been completely gutted, will be redeveloped only its cubature will remain the same, and it will be fully modernized with a new facade, new building services, etc., in accordance with the highest sustainability standards of the German Sustainable Building Council (DGNB).
The total investment volume of the first construction stage (demolition, preparatory work and construction of the Primus building) amounts to some 50 million. The vendor and purchaser have agreed not to disclose the purchase price paid for the Primus building. The competent city authorities in Frankfurt have already issued a demolition permit; the application to begin new construction work has been submitted.
Professor Carlo Giersch: "For many years now, our investment strategy has focused exclusively on top-quality properties in first-rate locations. The MainTor quarter is an outstanding development project in Frankfurt with great potential for creating added value, particularly in view of the Giersch Foundation's long-term strategy, and it is something which we are taking the opportunity to secure at an early stage."
Ulrich Höller, CEO of DIC: "According to plan, the successful conclusion of this first contract has launched the development of the MainTor quarter. With our new headquarters we achieve a goal which has been planned for a long time. In addition, this expresses a strong commitment for our project."
The Primus building is located at Neue Mainzer Strasse 20 and has good transport links, being a stone's throw from the important junction of metro lines at Willy-Brandt-Platz. The commercial rental space, which comes to just under 5,550 m², is spread across the 12 floors of the 46-meter-high building. Primus features an arcade as well as a roof terrace with a unique view of the old town and skyline. By mid-2013 DIC will have built the new Primus so that it is ready for use.
The Frankfurt-based real estate investor