German investor and project developer Quest Investment Partners has acquired an office building in Frankfurt's banking district in an asset deal.
Financial details were not disclosed.
The property at Mainzer Landstraße 41-45 was acquired from a French institutional investor via via its local management partner IC Asset Management. It comprises 7,000 m2 of space over nine-storeys, plus 29 underground parking spaces.
Constructed in 1998 and modernised in 2009, this building includes a balcony or a terrace on every floor, and benefits from a flexible floor plan.
Luis Walther-Kraft, head of transactions & partnering at Quest Investment Partners, said: 'We plan to further upgrade the good building structure through an active management approach in the coming years. The current vacancy rate of approximately 50% of the rental space allows for an immediate repositioning of the property. First talks with prospective tenants are already underway.'
Colliers and blackolive, member of the German Property Partners (GPP) network, acted as agents in a structured bidding process.
Quest Investment Partners was advised by SNP Schlawien on legal matters, Hansa Partner Rommel & Meyer on tax matters and Bohnzirlewagen on technical matters.
The seller side received legal and tax advice on the transaction from Hogan Lovells as well as technical advice from CBRE.
