German Estate Group, based in Frankfurt, just acquired the former Commerzbank Skyscraper (Neue Mainzer Strasse 32-36, Frankfurt am Main) from Commerzbank.
Raised in 1974, the high-rise is one of Frankfurt's classic office towers. The landmark asset adds around 30,000m² of lettable area to the GEG portfolio. In late 2017, GEG will start stripping out the building, before remodelling and repositioning it as exclusive Global Tower on Frankfurt's office market. The total investment volume comes to more than €220m.
The pbb mortgage credit bank facilitated the transaction, and the JLL estate agency acted as advisor.
GEG will strip out the vacated building before creating modern, flexible office layouts with excellent specifications for multi-tenant use, and overhauling the façade. GEG will seek a high-end green building certification for the former administrative building by implementing the latest sustainability guidelines. Global Tower, standing 107 metres tall, has 25 full storeys, a four-storey base building, and a total of 75 parking spots.
