Curzon Capital Partners IV, a core-plus fund advised by pan-European real estate investment manager Tristan Capital Partners, has acquired Garden Tower, a 27,513m² high quality, multi-tenant office tower, in Frankfurt's banking district for €175m.
Garden Tower is a contemporary office tower with outstanding sustainability credentials in a sought-after location in the heart of Frankfurt's CBD — Germany's most prominent office market. The building underwent a major redevelopment from 2003 to 2005 and re-opened in 2006, offering generous ceiling heights in excess of 3 metres.
Ali Otmar, managing director of investments at Tristan Capital Partners, said: "Garden Tower will increase the overall quality of the Fund's portfolio with its prime core location, high standard of redevelopment and Grade A tenants. With increasing office take-up, declining vacancy rates and rising rents, acquiring a well-let and unbeatably located building, allows CCP IV to position itself on the pathway to growth expected for the German office market."
Garden Tower is approximately 126 metres tall and consists of 27 floors above and five below ground, built on a site of around 2,141m². The building was constructed between 1973 and 1976 as the headquarters of Landesbank Hessen-Thuringen (Helaba) and was one of the first high-rise buildings in Frankfurt's financial district, the Bankenviertel.
Designed by architects Novotny Mahner Assoziierte, the asset was commonly referred to as Helaba-Hochhaus until Helaba moved to a new location in 1999. During 2003 to 2005, under the planning of KSP Architects, the tower was stripped back to its concrete skeleton and contemporary building services were fitted, a new glass facade and interior fittings were installed. When it re-opened in 2006, Garden Tower qualified for a ‘Very Good’ BREEAM green building certificate.
The asset serves as Societe Generale's headquarters in Germany, and the bank occupies the 11th to 16th floors, while investment advisory company Deutsche Vermögensberatung AG is the second largest tenant.
