Frankfurt / Munich (dpa) – For the record sum of 1.4 billion euros, Allianz-Versicherung has acquired a new high-rise office building in downtown Frankfurt together with the Bavarian Chamber of Supply. The “T1” skyscraper is currently being built in the “Four” ensemble in the banking district and, at 233 meters, is to become the third-highest office tower in Germany. The Commerzbank headquarters (259 meters) and the trade fair tower (256.5 meters) are the highest skyscrapers in the country on the Main.
Never before has a higher sum been paid for a single building in Germany, reports the “Frankfurter Allgemeine Zeitung”, citing the major broker JLL. Two thirds of the space in T1 had already been given to first-class tenants from the banking and consulting sector four years before the opening, announced the project developer Groß & Partner on Wednesday. Completion is planned for 2024.
Investors do not see their problem as the fact that increased home offices after the corona shock could make a lot of office space superfluous. The business center of Frankfurt is characterized by a low vacancy rate of 2.8 percent and limited office space until 2024 and has shown enormous resilience during the pandemic, said Nicole Pötsch from Allianz Real Estate. “The fact that some of the leases for the ‘Four T1’ were signed during the pandemic underscores the attractiveness of the property and its location.”
In the other three buildings on the very central former site of Deutsche Bank, mainly apartments and two hotels are to be built. In addition to the offices, a large restaurant area, a kindergarten, shops and green roof terraces are planned in T1.
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