Commerz Real has concluded a successful large-scale rental for Japan Center (Taunustor 2) in Frankfurt am Main, which is part of the portfolio of its open real estate fund, hausInvest.
The company signed a contract with the European Central Bank (ECB) to extend the existing rental agreement for an area of 17,800m² to the end of 2025. The spaces in the distinctive office tower in the financial district will be used by various ECB business units. They will move into the building in autumn 2016 after construction work is completed, which includes a technical modernisation as well as a significant upgrade of the lobby. This work will be executed with the collaboration of the original architect, Joachim Ganz.
"Since its construction, Japan Center has been a distinctive, high-quality building at the entrance of the Frankfurt financial district. We are delighted that the ECB has decided to use it as its main office in the city centre. It is clear evidence of the quality of the building, of the attractiveness of the Frankfurt financial district and not least of our commitment as a dependable partner for our tenants as well," said Roland Holschuh, executive board member of Commerz Real AG, responsible for real estate asset management.
The ECB's decision was preceded by an intensive review of the market in Frankfurt. "I am pleased that the ECB will continue to have a main office in Japan Center, a prominent location in the heart of Frankfurt," said Werner Studener, ECB's general administrative director.
The European Central Bank will now continue to occupy around two-thirds of the total rental area in the property which was completed in 1996 and which is one of the iconic buildings of the Frankfurt skyline. It was acquired by Commerz Real for hausInvest in 2002. With its red, distinctly divided granite façade, the roof with its large overhang and its Far Eastern flair, it clearly stands out from the high-rises around it. Its modern furnishings and close proximity to the Taunusanlage with its inner city park character round off the special quality of this property in the financial district.
