12/01/2016 Uhr
“We are very pleased that thanks to our excellent asset management we have once again been able to demonstrate how we secure value for our investors,” says Heiko Szczodrowski, the managing director of Commerz Real Fondsbeteiligungsgesellschaft mbH (CFB). “Following the successful leasing campaign last year and also with a view to the market environment it was a favourable point in time for the sale.”
Commerz Real had acquired the office building in October 2002, upon its completion therefore, for its CFB Fund 142. Following the successful conclusion of new leases and lease extensions approx. 94 per cent of the rental spaces in the property are leased in the long term. In June 2014 the renowned advertising agency Ogilvy & Mather GmbH concluded a lease agreement for approx. 19,400 square metres of rental space (67 per cent of the total area) and an initial term of ten years. Likewise Twentieth Century Fox of Germany GmbH extended its lease agreement through to mid-2021 and increased the rental space to 2,750 square metres. The weighted average lease agreement term for the property currently amounts to approx. six years.
The former fund real estate is a modern, functional office building with 27,493 square metres of office space and 3,260 square metres of storage space. The property on Frankfurt’s Darmstädter Landstraße is characterised above all by its high degree of flexibility and the high-quality fit-out of the office areas. The micro-location is situated in a prominent position in the mature and established Frankfurt-Sachsenhausen district with excellent transport links to the city centre and autobahn, as well as to the airport.
