Union Investment acquires 100 m office tower in the FOUR Frankfurt high-rise complex

• First high-rise project sold before start of construction
• Around 23,000 m2 of office space on 25 floors
• More than 35% of the space already pre-let

The next milestone for the FOUR Frankfurt high-rise complex: Groß & Partner has already successfully sold its first high-rise. The 100 metre high office tower in Junghofstraße was acquired by the investment company Union Investment for the portfolio of the open-end mutual real estate fund UniImmo:Deutschland. The first of the four high-rises was therefore successfully sold to an investor months ahead of the start of the civil engineering works. The planned office tower will be built at Junghofstrasse 9 and will face Opernplatz to the north and Goetheplatz to the east. More than 35 percent of the building has already been pre-let – in July 2017, US law firm Baker McKenzie signed a long-term lease for around 8,200 m2 of office space.

Alejandro Obermeyer, Head of Investment Management DACH at Union Investment Real Estate GmbH, expressed his satisfaction with the deal: “The participation in this project development is our largest real estate transaction in Frankfurt for more than ten years. We are taking advantage of this rare opportunity to acquire a premium property that is currently being realised, at an early stage for our flagship fund focusing on commercial properties in Germany.”

The tower has a total rental area of approx. 23,000 m2, spread over 25 floors. Staff and visitors will enter the tower via a striking multi-storey entrance hall that opens onto Junghofstrasse. The tower’s five storey basement has an additional 930 m2 of retail and catering space.

“The early sale is further proof of the attractiveness of this location and the quality of the development”, says Jens Hausmann, member of the management board at Groß & Partner, about the contract conclusion. “We are delighted to be partnering with Union Investment, a strong and very experienced real estate investor”, says Jens Hausmann.

The financing and the sale were accompanied by the law firm GSK Stockmann. Union Investment was advised on the transaction by Savills, Hogan Lovells and P+P Pöllath & Partners. The completion of the tower is planned for 2022.