GEG German Estate Group AG, Frankfurt, has now acquired the former Commerzbank Hochhaus (Neue Mainzer Strasse 32-36, Frankfurt / Main) from Commerzbank AG and is developing it as a ‘GlobalTower’.
Built in 1974, the Hochhaus is a classic among the Frankfurt office buildings. With around 30,000 sqm of rental space, the GEG portfolio is another attractive landmark property. At the end of 2017, GEG will strip the building, completely rebuild it and remarket it exclusively as a ‘Global Tower’ on the Frankfurt office market. The total investment volume is over EUR 220 million.
The pbb Deutsche Pfandbriefbank accompanies the transaction, as broker company, JLL has advised.
Ulrich Höller, Chairman of the Board of Management of GEG: “With the repositioning as a ‘Global Tower’, we are creating a first-class, modern space offer with one of the most famous ‘Frankfurt Classics’ in an exposed top position.”
Commerzbank used the building as its corporate centre until 1997. Since 2004, the site has no longer been used and instead been sub-let.