Commerz Real sells “Prisma” in Frankfurt to Patron Capital and Sonar Real Estate
Commerz Real has sold the “Prisma” office complex in Frankfurt to the real estate investment companies Patron Capital and Sonar Real Estate. It was agreed that confidentiality be maintained regarding the purchase price. The striking property at Hahnstrasse 55 right next to Frankfurt-Niederrad suburban railway station was an office for Dekabank until only recently and belonged to the Commerz Real closed-end fund CFB 134. With the sale this fund is now being dissolved; it had generated a total result of approx. 165 per cent of the deployed capital for its investors, with about 91 per cent attributable to the proceeds of the sale and 74 per cent to the recurring distributions during the term of the fund.
The twelve-storey building was designed by the architecture firm Auer + Weber + Associates and derived its name from the pointed ground plan and the large-scale, fully-glazed façade. It has a leasable area of 42,450 square metres, as well as 450 underground car parking spaces and 61 outdoor parking spaces. The buyers intend to reposition the office space with a multi-tenant concept and open the areas on the ground floor to the general public with gastronomy and fitness offerings.
Commerz Real was advised on the transaction by Colliers and on legal matters by Taylor Wessing.