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Frankfurt office tower changes hands for €155M

A global investor advised by UBS Group AG purchased an office building in Frankfurt for €155 million from Benson Elliot Capital Management LLP, a U.K.-based private equity real estate fund manager.

The deal delivered an equity multiple of 3.5x to Benson Elliot investors, according to a release.

Dubbed Turmcenter, the 21-story office tower opened in May 2016 and received Leadership in Energy and Environmental Design, or LEED, Gold certification.

Benson acquired the vacant property in December 2013 and achieved 85% occupancy, with tenants including Deutscher Fußball Bund, advertising agency Spark44 GmbH, law firm Fieldfisher LLP and boutique investment bank VICTORIAPARTNERS GmbH.

CBRE and Freshfields Bruckhaus Deringer served as Benson's advisers on the sale.