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GEG German Estate buys Frankfurt office tower for €250M

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GEG German Estate buys Frankfurt office tower for €250M

GEG German Estate Group AG bought the Eurotheum office building in Frankfurt's banking district from Commerzbank AG's Commerz Real AG for a total investment of about €250 million.

GEG acquired the 31-story building at Neue Mainzer Strasse 66–68, with roughly 23,000 square meters of leasable space, for its institutional business division.

The asset, which formerly housed the European Central Bank, is occupied by 17 companies from the finance and insurance industries, including Commerzbank, Visa, Scope and co-working space provider Mindspace.

The deal takes GEG's assets under management to more than €3 billion, according to a release.

BNP Paribas Real Estate and CBRE acted as intermediaries for the deal, while Hengeler Müller and Freshfields served as legal advisers for the buyer and the seller, respectively.