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Press Release

GEG Repositions Classic High Rise as “Global Tower” and Launches Marketing Drive

Frankfurt, 18.09.2017

GEG German Estate Group AG, Frankfurt, is about to kick off the marketing drive for its “Global Tower” project, which involves the conversion of the former Commerzbank tower at Neue Mainzer Strasse 32-36 in Frankfurt that the company acquired from Commerzbank in November 2016.

GEG will completely strip out the building before fully remodelling and repositioning it as exclusive “Global Tower” on Frankfurt’s office market. Construction measures will start in summer 2018, and are scheduled to conclude by summer 2020. The total investment volume will add up to nearly EUR 270 million.

The gross lettable area of more than 33,000 sqm is spread across the 30 storeys above the ground floor. The New-York-style lobby with its 9-metre ceiling is accessible via entranceways on Neue Mainzer Strasse and Grosse Gallusstrasse. The ground floor is taken up by restaurants and event venues as well as retail units. The three upper floors of the base building provide up to 2,230 sqm of lettable area. In addition, the fourth floor features a rooftop terrace. The tower’s regular floor plates provide up to 1,000 sqm each. The 25th floor is home to a skyline terrace with a breath-taking view across the city. Between October 2017 and the start of construction work next year, the well-known men’s apparel store ABACI will operate a pop-up store in the generously decorated ground floor of the “Global Tower” that will include business premises and retail areas.

ULRICH HÖLLER, CEO of GEG: “As a classic high rise, Global Tower is a building of special character that satisfies any requirements the modern international office community might have. We anticipate strong demand, especially by the international business community. It will be generated both by the growing shortage in large-scale accommodation upward of 10,000 sqm and by the extra demand that the Brexit has triggered.”

Based on plans by the architectural firm msm meyer schmitz-morkramer Architekten, GEG will strip out the vacated building before creating flexible office layouts with excellent state-of-the-art specifications for multi-tenant use, and completely overhauling the listed façade. For the interior decoration and design elements, msm Architekten brought the renowned Frankfurt-based interior designer Oana-Erica Rosen aboard. By implementing the latest sustainability guidelines, it is planned to seek a “Platinum” green building certification for the former administrative building.

Built in 1974 on behalf of Commerzbank, the building with its characteristic timeless architecture was among the first high-rises to be constructed in Frankfurt, and because of its historic significance, it has since been granted heritage protection. 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 several classic towers, such as the famous Seagram Building by Mies van der Rohe or the Toronto Dominion Centre. These elements will retain their structural significance in the repositioned building. 

GEG German Estate Group AG, Frankfurt:

Based in Frankfurt am Main, GEG German Estate Group AG has positioned itself as one of Germany's leading investment and asset management platforms in the commercial real estate sector. Its investment focus and investment policy concentrate on three segments: institutional business, opportunistic investments, and property developments. Within the framework of this clearly defined strategy, GEG has consistently exploited its opportunities ever since it was founded in 2015, building up an extensive, diversified real estate portfolio with just under EUR 1.9 billion in assets under management today. In addition to landmark properties like the IBC Campus office complex and the Villa Kennedy luxury hotel in Frankfurt, these include the Sapporobogen office building in Munich, property developments like the MainTor urban quarter and the Global Tower in Frankfurt, Opera Offices in Hamburg, and Junges Quartier Obersendling complex in Munich. A long-term track record and the outstanding reputation of the management along with an experienced team of highly qualified professionals serve as foundation for a leading position in the market. The two shareholders of GEG German Estate Group AG are the Frankfurt-based Deutsche Immobilien Chancen group and KKR Kohlberg Kravis & Roberts, a globally leading investor with commitments in asset classes like private equity, infrastructure and real estate. Chairman of GEG's management board is Ulrich Höller.

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