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.
Commenting on the acquisition, Joseph De Leo, Senior Partner of Benson Elliot, said:
“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.”
NAI Apollo acted as adviser to Benson Elliot on the acquisition and redevelopment strategy.