The Allianz insurance group and its partner Bavarian Supply Chamber are having an office tower under construction in Frankfurt cost 1.4 billion euros.
This is remarkable for several reasons.
Never before has a building in Germany paid more than 1 billion euros.
And this major transaction comes about at a time when the office market is weakening.
This also applies to Frankfurt: The companies are currently hesitant to sign large, long-term rental contracts because it is still unclear how many people will work at home in the future and how much office space will be needed.
That also scares off investors.
But at least these worries rebound off the modern office giants. They offer an inestimable opportunity: Here, large investors from home and abroad can invest hundreds of millions of euros in one go without getting bogged down. Only Frankfurt offers these investment opportunities in large numbers - a real competitive advantage over Munich or Berlin, for example.