PATRIZIA buys Commerzbank Tower for Samsung consortium
PATRIZIA Immobilien AG is acquiring the Commerzbank Tower in Frankfurt am Main. Located on Kaiserplatz, the 259-metre tower is the tallest building in Germany and is considered an iconic structure in the heart of Germany’s biggest banking community.
In the real estate transaction, PATRIZIA is acting as investment manager after being awarded an individual contract by South Korean client, Samsung Group. Commerzbank is the building’s anchor tenant which is let to the investment bank on a long-term lease. "In pursuing their global investment strategies, major institutional investors are increasingly leveraging strategic partners that have the know-how needed on the ground across a variety of real estate markets," says Wolfgang Egger, CEO of PATRIZIA Immobilien AG. "We can offer real estate solutions on a pan-European level from our network of expert teams."
Investors from Asia are increasingly relying on PATRIZIA as an investment manager for their European real estate activities. "In the last 15 months alone, we have invested around EUR 1.3 billion in real estate for Asian investors throughout Europe," reports Dr. Konrad Finkenzeller, Head of Institutional Clients International at PATRIZIA Immobilien AG, who leads the Asian business. "Clients from Asia appreciate our specialist real estate knowledge and our fully integrated investment management capability," he adds.
Located between Kaiserstraße and Große Gallusstraße, the Commerzbank Tower was completed in 1997, designed by the acclaimed British architect, Sir Norman Foster. It was the tallest building in Europe at the time of its construction. Counting its antenna, it reaches 300 metres tall and has 65 stories, 45 of which is office space. The gross floor space is approximately 120,000 square metres. As a result of its innovative and sophisticated design as well as its sustainable construction, the building received the Green Building Award of the City of Frankfurt am Main in 2009.