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Press Release

GEG: Construction work on skyscraper classic “Global Tower” in Frankfurt begins

Frankfurt, 19.08.2018

GEG German Estate Group AG has launched construction work on its Global Tower project – the former Commerzbank skyscraper at Neue Mainzer Strasse 32–36 in GEG German Estate Group AG’s hometown of Frankfurt/Main. The conversion will create state-of-the-art office space here.

Following scaffolding and fencing in of the construction site over the past weeks, a tower crane with a radius of 55 m will be installed on the rooftop terrace of the Global Tower, on the 25th floor, in a spectacular move this weekend. Intelligent transport logistics, devised in collaboration with the city of Frankfurt, will ensure that traffic on the roads can continue to flow largely undisturbed during the entire construction period.

The first step in the process will be to gut the iconic building. Towards the end of 2018 / start of 2019, the façade will be demolished step by step and the structural works will begin. The building is scheduled to be completed by 2020. The total investment volume is unchanged, at approximately €270 million.

As part of the project, the large event and conference hall on the building’s first floor will undergo a full refurbishment and reopen under the name “Global Forum”. Once completed, it will host up to 500 guests and be available for hire to the public, making it the largest publicly available event location in Frankfurt am Main’s banking district.

As already announced:
Global Tower will offer a total of more than 33,000 sqm in rental space over 30 floors. An impressive 9m-high New York-style lobby will be accessible from both Neue Mainzer Strasse and Grosse Gallusstrasse. The ground floor will accommodate restaurant and other food outlets, event areas and retail space. The three upper floors of the base building will host up to 2,440 sqm in rental space. A rooftop terrace will be found on the fourth floor. Standard floors will offer up to 1,000 sqm in rental space each. From a skyline terrace on its 25th floor, Global Tower will grant a breathtaking view of the city.

GEG will re-position the iconic building based on plans by the architects of msm meyer schmitz-morkramer and provide for flexible office layouts with first-class and modern facilities for multi-tenant use. The façade is listed and will be completely redone. For interior design, the architects of msm have joined forces with the renowned Frankfurt-based interior architect Oana-Erica Rosen. In implementing the latest sustainability standards, GEG is striving to have the former administration building certified as a green building at the Platinum level.

The building, commissioned by Commerzbank, was erected in 1974 and was one of the first skyscrapers in Frankfurt/Main. Famed for its timeless architecture, it has since been listed due to its historical importance. The edifice was built in International style following plans from the architect Richard Heil. Its most central design elements, such as monochromatic colours, cubic forms and windows in horizontal bands, pay tribute to skyscraper classics such as the Seagram Building in New York, designed by Mies van der Rohe, or the Toronto–Dominion Centre and will continue to play a significant role in the tower's redesign.

About GEG German Estate Group AG
Based in Frankfurt/Main, GEG German Estate Group AG maintains one of the leading German investment and asset management platforms for commercial real estate. Its investment focus and policy are concentrated on three segments: Institutional Business, Opportunistic Investments, and Project Development. Since its establishment in 2015, and within the framework of this clearly-defined strategy, GEG has consistently pursued opportunities to build an extensive and diversified real estate portfolio, comprising some €2.4 billion in assets under management. Besides landmark properties such as the IBC Campus, luxury hotel Villa Kennedy and the Japan Centre in Frankfurt/Main, the portfolio comprises the Sapporo Circle in Munich, as well as developments such as the MainTor city quarter, the Global Tower and the RIVERPARK Tower in Frankfurt, along with the Opera Offices in Hamburg and the "Junges Quartier Obersendling" development in Munich. The long-standing track record and outstanding reputation of senior management, together with a highly qualified and experienced team, provide the foundation for a leading market position. The two shareholders of GEG German Estate Group AG are Frankfurt-based Deutsche Immobilien Chancen Group ("DIC") as well as KKR Kohlberg Kravis & Roberts, a leading global investment house with exposure to asset classes such as private equity, infrastructure, as well as real estate. Ulrich Höller is Chairman of GEG's Management Board.

More detailed information about GEG is available on www.geg.de.

Media contact:
Thomas Pfaff
Thomas Pfaff Kommunikation
Höchlstrasse 2
81675 Munich,
Germany
Phone: +49 89 99249650,
Mobile: +49 172 8312923,
kontakt@pfaff-kommunikation.de

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