IMAXXAM, an independent partner for the management of real estate funds, has acquired the striking “Lighttower” office and commercial building in Frankfurt’s Ostend district for its real estate fund “German Small Asset Invest” (GSAI). The property on Hanauer Landstraße comprises around 10,131 square metres of rental space on 20 floors, has a good tenant mix and is almost fully let. The seller is Deka Immobilien. The transaction was structured as an asset deal. IMAXXAM acts as portfolio and asset manager for the “Lighttower”.
Nina Homeyer, Managing Director at IMAXXAM, says: “With the acquisition of the ‘Lighttower’, we are securing a landmark property in one of Frankfurt’s most dynamic districts. The Ostend impresses with its vibrant micro-location and excellent transport connections and is one of the most sought-after office addresses. The almost complete occupancy rate and the tenant structure with strong credit ratings underline the stable income and attractiveness of the investment. The flexible, multifunctional space layouts and the modern technical infrastructure are an ideal fit for the changing requirements of many tenants. In addition, the building offers a very good basis in terms of ESG standards – a clear future advantage for our portfolio.”
The approximately 75-metre-high “Lighttower” was built in 1966 and comprehensively renovated and extended in 2005. Since then, it has had a flexible room layout that allows both individual and open-plan offices as well as combined solutions and offers an unobstructed all-round view. The virtually column-free floor plans allow for a high degree of space flexibility. The property offers modern technical equipment, including high-performance IT cabling (CAT7), raised and cavity floors in the corridor areas and offices, external sun protection, cooling and openable windows. The underground car park and the adjoining parking deck offer a total of 87 car parking spaces, 15 of which are already equipped with e-charging stations. Through measures such as switching to green electricity, LED lighting and connection to district heating, the building can be developed in the long term and sustainably.
Frankfurt’s Ostend district not only impresses with its Osthafen area, its immediate proximity to the European Central Bank and a mix of modern office buildings, residential complexes and cultural institutions. It is characterized above all by its excellent public transport connections, proximity to Frankfurt’s financial district and a dynamic environment with growing demand for office space. For example, ING DiBa will soon move into its new headquarters in the immediate vicinity. Hanauer Landstraße quickly connects the district with the centre of Frankfurt (2.5 km) and the airport (13 km) and makes the location particularly attractive for companies. In the immediate vicinity of the “Lighttower” there are numerous retail shops, restaurants and service providers, which further increase the attractiveness of the location for companies and employees.
The legal and tax due diligence was carried out by Norton Rose Fulbright, the technical and environmental review by W+S Real Estate Services.
