Private equity firm Aermont Capital has confirmed that it has sold the Marienturm office tower in Frankfurt’s banking district, to an entity managed by DWS and understood to be backed by the South Korean sovereign wealth fund NPS.
The 38-storey office tower was put up for sale in late 2021 for a price over €800 mln. German press reports put the deal price at nearly €830 mln.
Located in the city’s central banking district, the 47,900-m2 Marienturm is fully occupied with tenants including Bank of America Europe DAC and Corestate. The LEED Platinum asset was sold via agents JLL and BNP Paribas Real Estate.
Henning Richter, managing director at Aermont Capital, said: ‘The calibre of tenants attracted to Marienturm demonstrates the strong demand for high-quality office space in prime locations that meets the highest sustainability standards, designed for the future of work with a holistic concept. This exceptional combination ensures Marienturm will remain one of Frankfurt’s landmarks for the long-term. We are delighted that Marienturm will be in great hands with DWS.’
Markus Brod, managing partner of Pecan Development, added: ‘In developing Marienturm, our goal was not only to build an office property, but to create an environment that reacts to the transformation of the working world and in which a future-oriented corporate culture can thrive.’
Oliver Hein, head of Transactions (DACH) at DWS Real Estate, commented: ‘The acquisition of the Marienturm in Frankfurt reflects our strong European investment heritage and our ability to deploy capital effectively. The Marienturm combines all the quality features that characterize a long-term, attractive investment.’
