The GEG German Estate Group AG from Frankfurt has acquired the Garden Tower in the center of Frankfurt’s banking district. The skyscraper can be found in the Neue Mainzer Strasse 46-50 (corner Neue Schlesingergasse). The total investment volume is around EUR 275 million. The three main tenants on the 27,500 square meters (296,000 square feet) of rentable office space are Société Générale (31%), AIG Europe Limited, Directorate for Germany (14%) and the co-working provider Tribes (10%). The building is currently let by 95 percent. With the Development Global Tower under construction, the Japan Center (acquired at the end of 2017), the GEG is now present in the center of Frankfurt’s financial district with three distinctive top properties (total investment volume of over EUR 850 million).
Ulrich Höller, CEO of GEG: “The Garden Tower complements our investment strategy for Frankfurt skyscrapers in a prime location. This investment underlines that with the Garden Tower next to Japan Center and the project Global Tower, we are convinced of the development of the micro-location in the center of the CBD.”
Seller is a fund managed by Tristan Capital Partners. Jean-Philippe Blangy, Head of Asset Management at Tristan Capital Partners, said: “Following the successful implementation of the Tristan business plan, the Garden Tower is one of Frankfurt‘s most attractive skyscrapers. The building houses valuable features, a diversified tenant structure characterized by first-class credit standing including the German headquarters of Societé Generale and the international insurance company AIG, as well as a LEED Gold certification.”