Frankfurt: Deka sells Trianon office tower to Morgan Stanley
DekaBank has sold Frankfurt's Trianon office tower to the Morgan Stanley Euro Zone Office Funds (MSEOF). Atisreal advised Deka during the transaction and conducted the sale in a structured auction procedure. According to media reports, the purchase price is around €620mn. Deka will continue to use the Trianon as its headquarters, said Deka's CEO Franz Waas. The bank occupies approximately half of the office tower and has long-term rental agreements. DekaBank did not wish to comment on the sales price.
Total rentable area of the sold building amounts to 70,000 m²
Besides the office tower, the transaction also includes five more properties, including the historic Villa Seligmann in direct proximity to the tower, as well as some residential and commercial buildings. The total rentable area of the sold buildings is around 70,000 m².
Trophy properties the focus of international investors
This investment ranks among the largest single transactions of the past years. Atisreal assesses this as a “clear signal for the continuously positive assessment of the German property markets on the part of the investors.� According to Piotr Bienkowski, managing director of Atisreal Deutschland, so-called trophy properties are especially becoming the focus of international investors.
Located at 16-24 Mainzer Landstraße, the Trianon has 47 stories and is 186 meters high. The floor space covers around 1,750 m². Nowotny, Mähner & Assoziierte, HPP International, and Albert Speer & Partner were architects for the high rise which was constructed in 1989-1993.