Frankfurt-based GEG German Estate Group has announced plans to redevelop Union Investment's headquarters in Frankfurt into a landmark 95-metre high tower, for a total investment topping €220 mln.
The Riverpark tower project, the first in Germany for award-winning architect Ole Scheeren, is expected to break ground in the late fall of 2018, once Union has relocated to the MainTor property.
It will feature 23 upper floors, while the ground floor divides into two separate lobby areas, one serving as entrance to a boarding house and its roughly 100 apartments that will take up the first five floors, the other leading to the 120 to 130 condominiums that will take up the 17 floors above.
The complex will be erected on a 4,100 m2 plot, creating around 33,000 m2 of lettable space and 230 underground parking spaces upon completion in the first half of 2021. It will be located in the neighbourhood of Riverpark Suites, Jo. Franzke-designed project currently under development right on the riverbank that will include a mix of condominiums and municipally sponsored housing.
'This aspirational project shows that high-quality living is an option in Germany, too. A closed office tower of the 1970s will be converted into an open-plan residential format filled with natural light. In its prominent inner city location on the bank of the Main, Riverpark Tower will have symbolic value for the future of Frankfurt,' commented architect Scheeren.
Founded in 2015, GEG is owned by Frankfurt-based Deutsche Immobilien Chancen group and KKR Kohlberg Kravis & Robert. It currently manages a portfolio valued at just under €1.9 bn.
