CapitaLand has announced that it has secured the European Central Bank as the new anchor tenant for the 38-storey Gallileo office building in Frankfurt.
The ECB has signed a lease agreement with CapitaLand for a period of 10 years and it will occupy close to 93% of the building’s total net lettable area.
Starting from the second half of 2025, CapitaLand will progressively hand over the leased area to the ECB following the completion of the building’s ongoing asset enhancement initiatives (AEI), which require an investment of €180 mln.
With these initiatives, CapitaLand is targeting a minimum green rating of LEED Gold for Gallileo.
Tony Tan, CEO of CapitaLand Integrated Commercial Trust Management Limited, said: 'The successful conclusion of this lease serves as a testament of our efforts to transform Gallileo into a dynamic commercial development and an enduring financial and cultural landmark that will benefit Frankfurt and its residents.'
CapitaLand also expects to conclude a lease agreement soon with the City of Frankfurt for the basement space in the Gallileo to be used by the English Theatre Frankfurt. With the ECB and the City of Frankfurt as tenants, the building’s committed occupancy is expected to exceed 95%.
Developed in 2003, Gallileo has a net lettable area of over 41,000 m2.
C&W advised CapitaLand on the deal.
