South Korean firm sells Frankfurt office for €400m

Mirae Asset Financial Group has signed a deal to sell Taunusanlage 8, a prime office building located in Frankfurt, for €400 million ($449 million).

The new owner of the 17-story property was not disclosed.

Frankfurt is regarded as one of the most stable property markets in Europe. The demand for centrally located and modern office space remains high in Frankfurt, with the result that a further reduction of the vacancy and a sustained positive trend in rents are to be expected, reported CBRE.

Take-up volume in Germany’s top-five markets — Berlin, Frankfurt, Hamburg, Munich and Dusseldorf — amounted to 733,600 square meters (7.9 million square feet) in the first quarter 2019, according to Cushman & Wakefield. This is 8 percent below last year’s strong first quarter performance. However, space demand remained solid, surpassing the 10-year average of first quarters by 17 percent. Total take-up was boosted by strong results in Berlin (223,500 square me