Preparing for Brexit
GEG German Estate Group AG recently commenced marketing of its Global Tower project in Frankfurt. This will involve conversion of the former Commerzbank office tower at Neue Mainzer Strasse 32–36, built in 1974 and now a listed building, that the company acquired from Commerzbank in November 2016. Work will see the building stripped out and reconfigured as a multi-tenant facility. Aggregate office space across the 30 upper floors will be more than 33,000 square metres, which should be enough to satisfy any London-based Brexit banking/finance tenants considering Frankfurt as their “EU-passport” location after the United Kingdom has left the European Union. GEG is spending €270 million on the conversion. Completion is scheduled for summer 2020.