DIC has let around 14,000 m² (or roughly 70% of the entire lettable area) of its MainTor Porta office complex at the future MainTor Quarter to Union Asset Management Holding AG. Start of the lease term is spring 2014. The company thus closed the largest new letting contract of 2011 in downtown Frankfurt.
Construction of the MainTor Porta subproject to start in Q1 2012
Owing to this letting success, the pre-conditions for starting the second subproject of Frankfurt's MainTor Quarter are all in place: Construction work with a project volume of approximately 140 million will already commence in Q1 2012, and is scheduled to be completed in Q1 2014 after a two-year construction period.
Forming a new riverside financial district in Frankfurt's CBD, the MainTor Quarter is being developed as a series of five separate subprojects of varying size to be realized successively but independently of one another. In each case, the start of construction is paced by the marketing progress of the respective subproject.
The MainTor Porta office scheme is located in direct proximity of MainTor Primus, whose construction is already under way following a successful marketing drive in summer 2011. The well-respected architectural firm masterminding the evolving new estate is KSP Jürgen Engel Architekten.
A sound financial-sector tenant with long-term orientation
As asset manager of the cooperative finance group, Union Asset Management Holding AG counts among Germany's largest financial service providers. The company just rented the entire plinth building of MainTor Porta, which also includes the first seven of the upper floors of the integrated office tower. The letting contract also includes an option of prolongation.
The letting effort was facilitated by BNP Paribas Real Estate and Jones Lang LaSalle in brokering and consulting roles. The MainTor Porta-subproject will be financed by a consortium of banks led by Deutsche Hypothekenbank.
Ulrich Höller, CEO of DIC, said: "It is a pleasure to see the faith that the new tenant has shown in our project and our professional management. This major signing clearly showcases MainTor Quarter as an attractive future component of Frankfurt's financial district in riverside location. The swift progress that the marketing of MainTor Quarter is making means that we are right on track with the project development, and this in currently difficult economic times."
Source: Thomas Pfaff Kommunikation