Commerz Real sells “Golden House” in Frankfurt after 30 years
Commerz Real has sold the “Golden House” in Frankfurt am Main after 30 years. The office building located at Theodor-Heuss-Allee 80 has been purchased by a joint venture between Finch Properties and Partners Group for their institutional investors. According to details released by Commerz Real the price was higher than the most recent current market value of circa 94.5 million euros.
The property has been in the portfolio of the open-ended real estate fund hausInvest since 1987; the purchase price at the time was around 86.7 million euros.
With the sale we are pursuing our strategy of utilising the cycle so as to attain a positive contribution to results for our investors and, at the same time, to rejuvenate our portfolio
Andreas Muschter, the Chief Executive Officer of Commerz Real
The “Golden House” encompasses approx. 33,000 square metres of leasable space and derives its name from its striking golden-red façade of anodised aluminium. It was erected in 1984 and remediated in full in 1999. The main tenants are Commerzbank (approx. 15,000 square metres) and Finanz Informatik, the IT service company of Sparkassen Finanzgruppe (approx. 16,000 square metres).