DIC Group Sells Office Tower in Frankfurt Financial District for $211M
- Dec 09, 2013
Frankfurt, Germany—German commercial real estate investor Deutsche Immobilien Chancen Group (DIC) has announced the sale of the MainTor Porta office tower to Union Investment Real Estate GMBH for approximately $211 million (€155 million). The Hamburg-based real estate fund selected the property for its institutional public real estate fund UniInstitutional European Real Estate.
Located in MainTor Quarter—DIC’s mixed-use waterfront development in Frankfurt’s financial district—MainTor Porta boasts 242,188 square feet of gross leasable area. Although still under construction, the high-rise was pre-leased in January 2013 by Union Asset Management Holding AG, on a long-term lease. The tenant is expected to move in during summer 2014. BNP Paribas Real Estate and Jones Lang LaSalle handled the advisory and brokering needs of DIC, while HauckSchuchardt provided legal advice.
Located in DIC’s prominent development of MainTor Quarter, also known as The Riverside Financial District, due to its location on the shores of the river Main, the high-rise is advantageously located within Frankfurt’s financial district, in close proximity to the Eurotower, the European Banking Authority’s future home, as well as the Willy-Brandt-Platz metro hub and the famous Hotel Frankfurter Hof. The 300-foot tall office tower offers 242,188 square feet of gross leasable area, of which close to 16,000 square feet are designated as retail and restaurant space. 10,000 square feet of additional basement storage space and a 225-bay underground parking facility are also incorporated into the building, comprising of a seven-story base building and a tower that goes 18 floors high. Amenities include a three-story lobby, landscaped inner courtyard as well as several rooftop terraces. The property is expected to seek DGNB Gold certification—a sustainability rating system that rates a building’s environmental, economical, sociocultural and functional aspects, as well the quality of its technology, process and site. The development broke ground in 2012 and is expected to complete in summer 2014. KSP Jürgen Engel Architekten designed the property and handled the entire project’s master plan.
The Riverside Financial District is a six-building mixed-use development on the former Degussa compound, once the site of a mint and a precious metals refinery, among others. The former brownfield is set to feature more than 1.16 million square feet of commercial space and almost 200 luxury residential units. Five of the six structures have already been sold prior to the project’s 2016 completion. These include the 12-story MainTor Primus, sold in 2011 to Professor Carlo Giersch. Set to become the future headquarters of DIC Group, the office tower will also offer 60,000 square feet of retail and restaurant space. The 17-story MainTor Panorama office high-rise, featuring over 145,000 square feet of retail was purchased in 2012 by Ärzteversorgung Westfalen-Lippe pension fund for almost $205 million (€150 million) along with MainTor Patio. The latter, a 92-unit eight-story luxury apartment tower, kicked off construction in the summer and is expected to open in the summer of 2015. Patio will offer 8,700 square feet of ground level retail and restaurant space and 131 underground parking spaces. Maintor Quarter’s second residential component, MainTor Palazzi, will feature 97 luxury condo units, 90 percent of which have been pre-sold. Expected to complete in the summer of 2015, it will boast a 141-car underground parking facility. The last phase of the project, set to break ground in 2014 is the 29-story WINX tower. The 376,736-square-foot office tower will also feature retail and restaurant space and a 180-car underground parking. All commercial buildings will seek Gold-level DGNB certification, while the residential structures will meet the German KfW 70 standard for low-energy buildings. DIC has also restored an 1832-built historic structure onsite. Dubbed Main Palais, the building was used by former site occupant Degussa as a VIP reception and entertainment facility. The now rehabbed two-story building has been given back its former meeting and event function space use, with the upper floor featuring art exhibitions.