Cornerstone-laying ceremony for ONE Goethe Plaza (DE)
Tuesday 28 August 2012
|ONE Goethe Plaza, the renowned construction project in the heart of Frankfurt, celebrated its cornerstone-laying ceremony on August 26 at Goetheplatz/Roßmarkt. Lord Mayor Peter Feldmann spoke on behalf of the city, and Professor Christoph Mäckler, the architect who designed the building, also greeted the honored guests. |
|Peter Feldmann said, "This project has a special flair. On the one hand, it is a successful example of urban renewal, and at the same time it will exert a positive influence on the retail industry, at a premium location in Frankfurt."|
Just in time for the celebration, the management company responsible for the project, FREO GmbH, reported on the progress made in attracting tenants. It was announced last year that anchor tenant Louis Vuitton had signed a contract for 1,500 luxurious m² of space. Now Nespresso has announced its intention to open a 1,200 m² flagship store.
Other new tenants include the luxury fashion label Escada with 300 m², the well known watch and jewelry brand OMEGA will occupy 100 m². And with the renowned law firm Heuking Kühn Luer Wojtek, a key tenant has been signed for 3,000 m² on the upper floors of the imposing building. ONE Goethe Plaza is truly a Number One property – and not just in name only.
Unique location in the heart of the banking center
"We’re not surprised at this success in letting property. We have been convinced of this project’s potential from the very outset. It’s an attractive structure in an excellent location," said Ralph Wagner, managing director of FREO.
"Of course we are very pleased that we are already well ahead of the milestones we set for ourselves." Christoph Scharf of BNP Paribas, the exclusive agent for retail real estate, shares this optimism. "There are only a few outlets available, and they are very select. We expect demand for the remaining units to be strong, now that the luxury groundwork has been laid."
The status of construction is another reason for optimism, according to Sebastian Klatt, also managing director at FREO and responsible for the project’s realization. "We are on schedule, and everything is going smoothly. We will be able to hand over the keys to our retail tenants in the spring of 2013 as planned." The entire complex is scheduled for completion in autumn of next year, which is when the stores will open.
ONE Goethe Plaza is a joint venture of the Luxembourg company FREO and the US American AREA Fund. The total investment is over €3 million. FREO acquired the project in early 2011 from a private investor; BNP Paribas Real Estate provided consultancy services for the deal.
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