Commerz Real has purchased the Omniturm, currently under construction in Frankfurt’s central business district, for its open-ended real estate fund hausInvest.
The seller is a joint venture led by international developer and fund manager Tishman Speyer.
The purchase price has not been disclosed.
“The mix of traditional office tower tenants, younger start-up users and apartment residents will fill the Omniturm with life and mark a new trend for Frankfurt,”said Florian Reiff, senior managing director and head of Tishman Speyer in Germany.
Work began in 2016 on the office and residential development located at Große Gallusstraße 16-18, and is scheduled for completion in the third quarter of 2019. The 190 meter-high (623-foot), 45 story tower will be the first hybrid-office and residential use high-rise to be completed in Germany. Of a leasable area of more than 54,100 square meters (582,300 square feet), approximately 44,200 square meters (476,000 square feet) are flexible class A office space. Approximately 147 premium-quality apartments account for a further 8,200 square metres (88, 200 square feet) while restaurant and event space occupy a further 1,700 square meters (18,300 square feet). An underground car park has space for more than 204 vehicles. More than 60 percent of the office space has already been preleased for long periods to US bank Morgan Stanley, to international corporate lawyers Hogan Lovells, to the global real estate service provider CBRE and to another global banking group. The first three floors are to be publicly accessible and there are plans for creative office and co-working areas, spaces for tech and start-up businesses as well as a cafeteria and an event venue. The project will be oriented towards a public square with greened areas in front of the Omniturm and the development is targeting LEED Platinum certification upon completion.
