AEW has agreed to acquire FrankenQuai, an office building in Hamburg. The asset was acquired on behalf of one of AEW’s funds under management. FrankenQuai, which was originally built in 2009, is an 8-storey office building comprising four sections, each with its own access and a shared underground car park in the basement. The property has around 18,000m² of lettable space, and a total of 198 parking spaces in the inner courtyard and underground car park. Designed by Niederberghaus & Partner, the highly visible and striking building offers modern, light-flooded office space with flexible floorplates, suitable for a wide range of occupiers with differing working styles.
Situated in the office submarket ‘City South’ in Hamburg, the property benefits from an established location in Germany’s second-largest city. Overlooking the Mittelkanal, the property offers good connectivity, with the central station and the international airport accessible within half an hour.
Matthieu Samaran, Executive Director of Investments at AEW, commented: “FrankenQuai represents an attractive opportunity to acquire a highly flexible, modern and sustainable office development in an excellent location in Hamburg’s growing office market. The building is 90% let and provides the opportunity to increase rental income through leasing the remaining space.”