Tue, 11/09/2018 - 10:13
Curzon Capital Partners IV (CCP IV), a core-plus fund advised by Tristan Capital Partners, has sold Garden Tower, a multi-tenant office high-rise located in Frankfurt’s banking district, to GEG German Estate Group AG.
Garden Tower is a modern office tower with strong sustainability attributes in a highly sought after location in the heart of Frankfurt’s CBD, Germany’s most prominent office market. The asset comprises a multi-tenanted office building featuring circa 27,500 sq m of net lettable area (NLA). Its primary use is office space, accounting for circa 89 per cent with the remainder being the conference centre and lobby with café as well as storage space on the lower ground floor. Originally acquired by Tristan in 2015, Barings Real Estate worked as operating partner with Tristan.
Jean-Philippe Blangy, Head of Asset Management at Tristan Capital Partners, says: “Garden Tower has emerged as one of the most attractive high rise buildings in Frankfurt’s Central Business District following the successful execution of our business plan. The building now offers great amenities, a diversified blue chip tenant mix, including the German headquarters of Societé Generale and international insurer AIG, and a LEED gold certificate giving it impeccable sustainability credentials.”
Garden Tower is circa 125 metres high and consists of 25 floors. The building was constructed between 1973 and 1976 as the headquarters of Landesbank Hessen-Thüringen (Helaba) and was one of the first high-rise buildings in Frankfurt’s financial district, the Bankenviertel. From 2003-2005, the tower was completely refurbished. Contemporary building services were fitted and a new glass façade and interior fittings were installed.
Christoph Wittkop, Managing Director and Country Head Germany at Barings Real Estate, says: “Garden Tower represents another successful transaction with Tristan Capital Partners in Germany. We have successfully implemented the business plan, reaching full occupancy after a comprehensive repositioning of the lobby. Together, our two groups will continue to look for opportunities to collaborate across Europe.”
CCP IV was advised by Greenberg Traurig and PwC. CBRE acted as sales broker and Eastdil Secured as financial advisor.
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