Commerz Real acquires the Omniturm in Frankfurt from Tishman Speyer
On completion will be the first multi-use high-rise in Germany
Designed by leading international architect Bjarke Ingels
54,000 square metres of office, residential and restaurant/event space
Commerz Real has purchased the Omniturm, currently under construction in Frankfurt’s central business district, for its open-ended real estate fund hausInvest. The seller is a joint venture led by international developer and fund manager Tishman Speyer. The purchase price has not been disclosed.
This is a prime piece of real estate developed by Tishman Speyer in a premium location with an outstanding design and architecture. We were convinced by its exceptional and unique features coupled with the mixture of usage types; it will enrich our fund portfolio.
Andreas Muschter, the Chief Executive Officer of Commerz Real
“The mix of traditional office tower tenants, younger start-up users and apartment residents will fill the Omniturm with life and mark a new trend for Frankfurt,” states Florian Reiff, Senior Managing Director and Head of Tishman Speyer in Germany. Work began in 2016 on the office and residential development located at Große Gallusstraße 16-18, and is scheduled for completion in the third quarter of 2019. The 190 metre-high, 45 storey tower will be the first hybrid-office and residential use high-rise to be completed in Germany. Of a leasable area of more than 54,100 square metres approx. 44,200 square metres are flexible Class A office space. 147 premium-quality apartments account for a further 8,200 square metres while restaurant and event space occupy a further 1,700 square metres. An underground car park has space for over 204 vehicles. More than 60 per cent of the office space has already been preleased for long periods to US bank Morgan Stanley, to international corporate lawyers Hogan Lovells, to the global real estate service provider CBRE and to another global banking group. The first three floors are to be publicly accessible and there are plans for creative office and co-working areas, spaces for tech and start-up businesses as well as a cafeteria and an event venue. The project will be oriented towards a public square with greened areas in front of the Omniturm and the development is targeting LEED Platinum certification upon completion.
Copyright TS Tessuto S.à.r.l
The landmark building was designed by the architect Bjarke Ingels, winner of several international awards whose designs also include the second tower of the new World Trade Center in New York City. A particularly striking feature is the “hip shake”, with floorplates that slide outwards in a spiralling motion halfway up the building. These shifted floorplates mean that the residential space between the 15th and 22nd floors is offset by as much as four metres from the base of the building, thus allowing the residents expansive patios. The name of the building (from Latin omni meaning all) is a reference to the fact that the high-rise is a mixed-use building with both residential and work areas. “It is precisely this mixture that makes the new generation of hybrid towers so outstanding, and thus also interesting and profitable for our investors,” says Muschter. Alongside the Omniturm, there are two similar projects in the hausInvest portfolio: the 140-metre high residential and hotel tower One Forty West in Frankfurt’s Senckenberg district is due for completion in 2020, while the 175-metre high Donau City Tower 1 in Vienna with a mixture of office, residential, retail and gastronomy areas is set for completion in 2023.
Commerz Real was advised on the recent transaction by Taylor Wessing (legal due diligence), EY (fiscal due diligence) and REAG (technical due diligence). Freshfields Bruckhaus Deringer LLP (legal), the real estate service providers BNP Paribas Real Estate and CBRE advised Tishman Speyer.