La Française Real Estate Partners International acquired a six story office building from Deutsche Asset Management in Germany.
The property is located, at Ferdinand-Happ-Strasse 53, in the mixed use east end district of Frankfurt-am-Main, one of the most dynamic submarkets of the Frankfurt area. The European Central Bank, which established residence in the east end in 2010, has attracted many high quality office and retail tenants, including fintech and service providers.
The building, named Campus 53, was built in 2011 in a newly developed urban retail, office and residential neighborhood (Schwedler Carré), located off the main road, Hanauer Landstrasse, and just 500 meters from the Ostbahnhof railway station.
The 6.730 m2 building is 100% leased, within a ten-year agreement, to a single tenant, a global advertising agency.
Campus 53 has a loft style entrance on the ground floor, modern office spaces on floors one to five and co-working spaces (conference rooms, lounge and cafeteria) on the sixth floor. The overall technical installation is deemed very good and includes a geothermal heating and cooling system. The office space is easily divisible and hence could be adapted to the needs of multiple tenants. 58 parking spaces are available on the two basement levels.
Jens Goettler, managing director for Germany, La Française Real Estate Partners International, said: “Campus 53 is a valuable addition to our existing portfolio. The long-term performance of the asset is promising: given the limited availability of space in Ostend (east end), in the future, we should witness upward pressure on rents, which will positively impact our return on investment.”