Two Germany offices sell for €750m
In two separate deals, two Germany office properties have changed hands for a total of €750 million ($846.7 million).
NorthStar Realty Finance Corp. has acquired a class A office tower located in Frankfurt for €540 million ($606.7 million) from Madison International Realty, Morgan Stanley and Germany-based Art Invest.
The Trianon Tower is one of the tallest buildings in Germany and is approximately 738,404 square feet. It is 99 percent occupied and includes a 566-space garage. Major tenants include DekaBank, Linklaters, Franklin Templeton Investments and Daiwa Securities.
After the completion of this acquisition, NorthStar Realty Finance Corp. will have a $2.6 billion portfolio of high-quality European real estate investments.
On Feb. 26, NorthStar Realty announced that its board of directors unanimously approved a plan to spin off its European real estate business into a newly formed publicly traded REIT, NorthStar Realty Europe Co