New York-based NorthStar Realty Europe Corp. closed the €670 million sale of its largest asset, the Trianon Tower in Frankfurt, to South Korean companies IGIS Asset Management Co. Ltd. and Hana Financial Investment Co. Ltd.

The office landlord said the sale price reflects an approximately 20% internal rate of return.

Additionally, the deal releases about US$360 million of net equity after repayment of financing and transaction costs are accounted for, as well as US$6 million in retained interest in the form of preferred equity certificates.

The 68,503-square-meter office tower stands 186 meters tall and offers a total rentable area of 68,000 square meters spread across 46 levels.

Since buying the asset in July 2015, the Europe-focused NorthStar Realty renovated the building and signed lease extensions with its second- and third-largest tenants Deutsche Bundesbank and Franklin Templeton, respectively.

Together with Dekabank, Deutsche Bundesbank contributes roughly 90% of the tower's rent.

Additionally, Trianon Tower received the Leadership in Energy and Environmental Design, or LEED, Platinum certification in September.