Gross & Partner snaps up 'Frankfurt triangle' in €300m deal

German developer Gross & Partner has acquired a major development site, known as Deutsche Bank's 'triangle', in the banking district of Frankfurt.

´This transaction marks the acquisition of one of the most attractive inner-city development sites in Germany,' said Nikolaus Bieber, managing director at Gross & Partner. 'After more than two years of preparation, we are now looking forward to turning our attention to the upcoming tasks involved in this project, which is exceptional for Frankfurt.'

The investment volume was not disclosed, but it has been speculated for months that Groß & Partner was in competition with US-based Tishman Speyer to acquire the land for around €300 mln. Market watchers also say the site will require some €1 bn to full redevelop, making it one of the largest real estate projects in Germany today.

The land plot was sold by Deutsche Bank, partly because it is relocating staff who work there to its new campus in the city.

The 16,159 m2 site is located between Grosse Gallusstraße, Neue Schlesingergasse and Junghofstrasse. It comprises a number of buildings and open spaces, including the wing at Junghofstrasse, which was built in several sections between 1952 and 1962.

Consolidation
The site also features the 21-storey office building at Große Gallusstrasse 10-14, which the Deutsche Bank moved into in 1971. The bank will continue to occupy the office building and surrounding space until 2017 when its staff will join other Deutsche Bank employees at the Deutsche Bank Campus on Mainzer Landstraße 11-17 in the city.

The City of Frankfurt has been an active partner throughout the entire sales process. Olaf Cunitz, the city's mayor and chief planning officer, said redevelopment of the area would enhance its attractiveness for all the city's residents. 'First and foremost, we expect changes that will continue to make the banking district a lively and diversified location with a greater focus on residential space,' Cunitz added.

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