The 16-year-old office property is six stories tall, and has Allianz as a total tenant until 2012. "We bought this asset because it is in a very good location in the heart of the Frankfurt CBD, a stone's throw away from Deutsche Bank's HQ and other major institutions," Peter Epping, portfolio manager with Hines Europe, tells GlobeSt.com. "It's next to a regional train station that connects to the airport within 10 minutes." Hines Immobilien GmbH assisted in the acquisition process, and will manage the asset.
This property is the first purchase for the fund, but Hines has been in Frankfort before. The company developed the high-rise Main Tower, the Helaba-Bank headquarters, in the city. Hines has 4.3 million sf of projects completed and in the pipeline in Germany, including the dieMitte am Alexanderplatz in Berlin, Upper Eastside Berlin and Postquartier at Lautenschlagerstrasse 17 in Stuttgart.
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