MesseTurm, Germany’s second-tallest tower and the location of Goldman Sachs Group Inc.’s headquarters for the country, has been put up for sale, according to two people with knowledge of the matter.
The 63-story Frankfurt building is valued at as much as 500 million euros ($680 million) and several bids have been submitted, said one of the people. Both asked not to be identified because the information is private.
German office buildings are attracting interest from investors seeking steady returns as European interest rates hover near record lows. About 30 billion euros of commercial properties in the country will change hands in 2013, the most since 2007, Jones Lang LaSalle Inc. (JLL) said.
GLL Real Estate Partners GmbH, a Munich-based fund manager, and KanAm Grund Group, a fund manager based in Frankfurt, own the MesseTurm on behalf of investors including Italian Insurer Assicurazioni Generali SpA. (G) Representatives at GLL, KanAm and Generali declined to comment.
Tishman Speyer finished building the MesseTurm, at the time Europe’s tallest building, in 1990. The New York-based developer sold it to GLL and KanAm in 2002 for about 440 million euros, according to one of the people.
GLL said in November 2012 that the vacancy rate was 35 percent. Tenants in the MesseTurm, located next to Frankfurt’s trade fair grounds in the West End district, include the Saudi Arabian consulate and Bank of New York Mellon Corp.
Germany’s tallest skyscraper is the Commerzbank tower in Frankfurt, which at 259 meters (850 feet) is two meters taller than the MesseTurm, according to the bank’s website.
To contact the reporter on this story: Dalia Fahmy in Berlin at email@example.com
To contact the editor responsible for this story: Andrew Blackman at firstname.lastname@example.org