Benson Elliot has acquired the Turmcenter, Eschersheimer Landstrasse 14, in Frankfurt’s central business district from Landesbank Baden-Württemberg.
The 23-storey office tower has been unoccupied since Ernst & Young vacated the building and refurbishment plans subsequently stalled.
The acquisition includes an adjacent mixed-use complex featuring additional office space, a long-let supermarket and over 400 car parking spaces.
Following the completion of the transaction Benson Elliot plans to comprehensively re-develop the tower to deliver over 15,000 square metres of efficient, state-of-the-art, environmentally sustainable office space. The property will tap into the growing demand for first class office space from small and medium-sized tenants in central Frankfurt.
Benson Elliot has engaged dk real estate, with whom Benson Elliot’s senior team worked a decade ago on the re-development of Munich’s famed Maximilianhöfe, to manage the re-design and re-construction of the tower.
Joseph De Leo, senior partner of Benson Elliot, says: “This is going to be an exciting project for Benson Elliot. With a smaller, but highly efficient floor plate, and a new façade design featuring floor-to-ceiling glazing, the new Turmcenter will be ideally equipped to meet the needs of mid-market companies looking for prestigious office space in the centre of Frankfurt. Benson Elliot’s local experience, operational capabilities and discretionary funding put the firm in a unique position to achieve LBBW’s objectives and, we believe, to return this landmark building to its traditional place on the Frankfurt skyline.”