PREF IV fund buys first asset in Frankfurt

Peakside Capital Advisors has acquired a 5,400-square-meter (58,125-square-foot) office in Frankfurt for the recently closed Peakside Real Estate Fund IV (PREF IV). PATRIZIA is the seller of the property in the Westend-Nord district of Frankfurt. The parties agreed not to disclose the purchase price.

The nine-story building at Friedrichstrasse 2–6 was originally constructed in 1968 and most recently refurbished in 2020–2021. The occupancy rate is 96 percent with a weighted average lease term of 2.3 years. The property also includes 35 parking spaces.

“The asset has been well maintained and requires limited upfront investment. The opportunity lies in bringing rents to market levels and the establishment of a high-quality office brand tailored to the submarket’s demand,” said Simon Lutz, partner at Peakside.

The micro-location benefits from good transport, public and social infrastructure and a sustained office demand. It is located in a vibrant mixed ne