Google Germany has rented around 5,200 square meters (55,972 square feet) of space from GEG as part of a third-party mandate. The office space is located in the Global Tower, which is currently being revitalized. GEG is a subsidiary of the real estate company DIC Asset AG, which is listed in Germany on the Frankfurt Stock Exchange. This is modern office space on several floors which, in addition to a roof terrace, also has a tenant’s own canteen. In total, jobs for more than 200 employees will be created.
Christian Fritzsche, Authorized Officer for Development, commented on the transaction in April 2020: “We are delighted that we were able to win another top-class tenant for the Global Tower in Google Germany. We are currently in talks about additional space and are very confident that we will continue to increase the pre-letting rate as planned over the course of the year.
The former Commerzbank High-ise with a total area of around 33,000 square meters on 25 floors is located in the heart of Frankfurt’s Financial District and is being comprehensively revitalized for the Institutional Business segment of DIC Asset AG. The total investment volume is around 340 million euros. After commissioning, the property will be managed by GEG as an individual mandate in third-party business.
The demand from Google and other tech companies is primarily driven by the boom in data centers in the greater Frankfurt Metropolitan Area.