Frankfurt am Main, 19 February 2016 – The West Frankfurt office building Theodor-Heuss-Allee 50 has a new owner: the open-ended OPCIMMO fund managed by the French asset manager Amundi Immobilier and the Finnish pension insurance company Ilmarinen acquired the property from one of JP Morgan Asset Management’s managed funds, and were accompanied by L’Etoile Properties. BNP Paribas Real Estate, in conjunction with CBRE, advised the seller in the transaction. Hengeler Mueller was legal counsel for the seller, while the buyers were represented by Clifford Chance. L’Etoile Properties will undertake the ongoing management of the property.
The high-quality office building, situated west of Frankfurt’s city centre, is fully leased to Commerzbank AG and comprises a total leasable area of around 31,800 m2. Commerzbank has been using the building since 2004, and in the context of their location strategy concluded a new, long-term lease in the summer of 2015.
The building is in one of Frankfurt’s prime locations, in a prominent neighbourhood where Deutsche Bank, KfW, ING DiBa, and the Frankfurt Trade Fair are also based. The property is BREEAM certified.