Commerz Real has sold the “Golden House” in Frankfurt am Main after 30 years.The office building located at Theodor-Heuss-Allee 80 has been purchased by a joint venture between Finch Properties and Partners Group for their institutional investors. According to details released by Commerz Real, the price was higher than the most recent current market value of c. €94.5m.
The property has been in the portfolio of the open-ended real estate fund hausInvest since 1987; the purchase price at the time was around €86.7m.
Andreas Muschter, the Chief Executive Officer of Commerz Real commented on the deal:"With the sale we are pursuing our strategy of utilising the cycle so as to attain a positive contribution to results for our investors and, at the same time, to rejuvenate our portfolio."
The “Golden House” encompasses approx. 33,000 m² of leasable space and derives its name from its striking golden-red facade of anodised aluminium. It was erected in 1984 and remediated in full in 1999. The main tenants are Commerzbank (approx. 15,000m²) and Finanz Informatik, the IT service company of Sparkassen Finanzgruppe (approx. 16,000m²).
