PATRIZIA Immobilien AG is acquiring the Commerzbank-Tower in Frankfurt am Main. Located at Kaiserplatz, the 259-metre-tall tower is the highest building in Germany and is considered to be a symbol of the banking metropolis. In the real-estate deal, PATRIZIA is acting as investment manager after being awarded with an individual contract by the South Korean Samsung Group. With the Commerzbank as the tenant of the building is a long-term lease agreed. "In pursuing their global investment strategies, major institutional investors are increasingly leveraging strategic partners that have the know-how needed in the various real-estate markets," says Wolfgang Egger, CEO of PATRIZIA Immobilien AG. "We can offer solutions in European real estate markets from one set of hands with our network made up of expert teams."
In particular, investors from Asia are increasingly relying on PATRIZIA as investment manager in their activities investing in European real estate. "In the last 15 months alone, we have invested around €1.3b in real estate for Asian investors throughout Europe," reports Dr. Konrad Finkenzeller, Head of Institutional Clients International at PATRIZIA Immobilien AG and hence also in charge of the Asian business.
Located between Kaiserstraße and Große Gallusstraße, the Commerzbank Tower was completed in 1997, with its blueprints being provided by the celebrated English architect, Sir Norman Forster. It was the tallest building in Europe back at the time. Counting its antenna, it towers to 300 metres and has 65 stories, 45 of them offices. The gross floor space is approximately 120,000m². As a result of its particularly innovative, sophisticated design and sustainable construction, the edifice was conferred the Green Building Award of the City of Frankfurt am Main in 2009.
