Frankfurt-based GEG German Estate Group has acquired the former Commerzbank skyscraper in the city for €220 mln and unveiled plans to remodel and reposition the asset as Global Tower.
The 30,000 m2 asset, located at Neue Mainzer Strasse 32-36, was built in 1974 and acted as Commerzbank's headquarters until 1997. The bank had been leasing the property to other occupants before striking the deal with GEG.
GEG will strip out and remodel the listed building in 2017 before relaunching it as Global Tower on the Frankfurt office market.
'By repositioning the asset as Global Tower, we are using one of Frankfurt's best known classic office towers to create state-of-the-art new office accommodation in a prominent location,' said Ulrich Höller, CEO of GEG.
GEG will seek a high-end green building certification for the refurbishment of the 107 metre-tall tower, which has 25 floors, a four-storey base building, and a total of 75 parking spots.
pbb facilitated the transaction, while JLL acted as advisor.
