A building in Germany has never been sold for more money: the insurance group Allianz, together with the Bavarian Supply Chamber, is acquiring the T1 high-rise in Quartier Four for 1.4 billion euros.
The quarter on the former Deutsche Bank site in downtown Frankfurt is currently being built and should be completed by the end of 2024 or beginning of 2025.
T1 is planned as a 233 meter high office tower.
This will make it the third tallest building in Frankfurt and Germany, apart from television towers or transmission masts.
Only the Commerzbank Tower office towers with 259 meters and the exhibition tower with 256.5 meters remain higher.
Editor in business, responsible for the real estate section.
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With the sales price of 1.4 billion euros, the T1 is already setting a new record.
For a single building in Germany, the 1 billion euro mark has never been reached.
The real estate service provider JLL has now confirmed this on request.
The Sony Center in Berlin was sold to a Canadian pension fund and a US investment company for 1.1 billion euros in 2017, but it consists of a series of buildings.
As a single commercial building, only The Squaire at Frankfurt Airport nearly reached the billion mark.
The 660-meter-long and only 45-meter-high building includes not only offices, but also hotels and retail spaces.
Versatile usage options
The seller of the T1 is the Frankfurt project developer Groß & Partner, who is building an important quarter for Frankfurt with Four. It comprises four towers with a height of 100 to 233 meters and is located in the middle of the banking district, the most expensive area of the city. The T1 is mainly being built for offices, but also has a “food hall” in the base, in which cooking is to be done at individual stands for the general public, a café, a local supplier, a day-care center and green roof terraces.
The remaining towers will be built for around 600 apartments, including 78 socially supported apartments, and two hotels.
The quarter will be in an underground car park for almost 1,000 cars.
Groß & Partner is an independent, owner-managed company whose projects include the Überseequartier in Hamburg, the large Gateway Gardens industrial park at Frankfurt Airport, the new Deutsche Börse building in Eschborn near Frankfurt and the DFB Academy on the former site of the Frankfurt racecourse -Lower wheel belong.
The first tenants have already been determined
Groß & Partner managing director Nikolaus Bieber said in an interview with the FAZ that his company is also feeling the sometimes sharp rise in construction prices during the construction of the T1, as the prices for individual construction materials such as wood and steel have skyrocketed and the construction capacities because of the numerous Construction sites are becoming increasingly scarce, and not just in Frankfurt. According to Bieber Groß & Partner, the higher construction costs will be borne by the buyer and not by the buyer.