Landlord GLL Real Estate Partners is poised to sell the MesseTurm office complex in Frankfurt, Germany's second highest tower, well-informed market sources told PropertyEU.
Landlord GLL Real Estate Partners is poised to sell the MesseTurm office complex in Frankfurt, Germany's second highest tower, well-informed market sources told PropertyEU.
An unnamed foreign investment manager is believed to be in advanced negotiations to acquire the scheme, which is being sold through JLL. The asset has raised interest from a number of institutional investors including Allianz Real Estate and fund manager Art-Invest Real Estate.
The 265-metre high skyscraper is currently owned by GLL MesseTurm, a fund managed by GLL Real Estate Partners, and is expected to trade for around €400 mln.
The building was refinanced in early 2012 with a €155 mln loan from Pbb Deutsche Pfandbriefbank and Landesbank Baden-Württemberg (LBBW).
Designed by Chicago-based architects bureau Murphy Jahn, the 62-storey building was built by US developer Tishman Speyer and completed in 1990. It provides 62,135 m2 over 52 floors. Main tenants include the Bank of New York Mellon, KanAm Grund Group, and press agency Thomson Reuters.
All parties declined to comment.
