Commerz Real has bought a multi-use high-rise building, currently under construction in Germany, from Tishman Speyer.
Commerz Real said it has acquired the 45-storey building known as Omniturm in Frankfurt from the joint venture led by fund manager Tishman Speyer. The purchase price has not been disclosed.
Work began in 2016 on the office and residential development located at Große Gallusstraße 16-18, and is scheduled for completion in the third quarter of 2019.
The 190 metre-high tower will be the first hybrid-office and residential use high-rise to be completed in Germany.
The building has leasable area of more than 54,100sqm. Around 44,200sqm are flexible office space. 147 premium-apartments account for a further 8,200sqm while restaurant and event space occupy a further 1,700sqm.
Andreas Muschter, the CEO of Commerz Real, said: “This is a prime piece of real estate developed by Tishman Speyer in a premium location with an outstanding design and architecture.
“We were convinced by its exceptional and unique features coupled with the mixture of usage types; it will enrich our fund portfolio.”