GEG German Estate Group AG, based in Frankfurt, just acquired the former Commerzbank Skyscraper (Neue Mainzer Strasse 32-36, Frankfurt am Main) from Commerzbank AG. Raised in 1974, the high-rise is one of Frankfurt's classic office towers. The landmark asset adds around 30,000 sqm 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 EUR 220 million.
The pbb mortgage credit bank facilitated the transaction, and the JLL estate agency acted as advisor.
ULRICH HÖLLER, VORSITZENDER DES VORSTANDS DER GEG: “By repositioning the asset as Global Tower, we are using one of Frankfurt's best known classic office towers to create state-of-the-art new office accommodation in a prominent location.”
Commerzbank used the building as headquarter till 1997. Since 2004 the building is not being used mostly by Commerzbank itself any longer but has been sublet.
GLOBAL TOWER: NEUPOSITIONIERUNG EINES FRANKFURTER BÜROKLASSIKERS
Based on plans by the architectural firm msm meyer schmitz-morkramer Architekten, 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, will have 25 full storeys, a four-storey base building, and a total of 75 parking spots.
Located in the heart of the financial district, the Global Tower stands out even now because of its superb location and the area's outstanding infrastructure. The increasing shortage in large floor plates of more than 10,000 sqm as well as the ramifications of the possible Brexit imply additional appreciation potential.
Built in 1974 on behalf of Commerzbank, the building with its characteristic timeless architecture was among the first high-rises to be raised in Frankfurt, and because of its historic significance, it is a listed building today. It was designed by architect Richard Heil in the International Style. Its central design elements, such as its monochrome hues, the cube-like basic corpus, and the window fronts arranged in horizontal strips, call to mind the famous Seagram Building by Mies van der Rohe, will retain their structural significance in the repositioned building.
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