- Financial district site to become biggest construction area
- Site of former headquarters is zoned for offices, homes
Deutsche Bank AG sold a property in central Frankfurt that’s set to become the German city’s biggest construction site to a local developer.
Gross & Partner Grundstuecksentwicklungsgesellschaft mbH bought a site known as the Deutsche Bank Triangle in Frankfurt’s banking district for an undisclosed sum, the German lender said in a statement on Wednesday. The 16,000 square-meter (170,000 square-foot) site is zoned for offices, shops and homes.
“This transaction marks the acquisition of one of the most attractive inner-city development sites in Germany,” Gross & Partner Managing Director Nikolaus Bieber said in the statement.
The site is valued at as much as 300 million euros ($320 million) and will probably cost about 1 billion euros to develop, people with knowledge of the matter said in January. The property once contained the headquarters for Deutsche Bank and the lender currently occupies a 21-story building on the site.
Construction in Frankfurt is soaring as the population grows and companies move into more modern offices. The people with knowledge of the matter said Gross & Partner and Tishman Speyer Properties LP were bidding for the site.
The roughly triangular city block -- not to be confused with the site of the silver twin towers that now serve as Deutsche Bank’s base -- has several buildings including a high-rise that’s used by the company’s investment bankers, and an events hall. In 1998, the city approved a rezoning of the plot that allows the construction of apartments, shops and as many as four office towers.
Deutsche Bank has owned the site since at least 1971, using it as headquarters until the construction of the mirror-glass twin towers in 1984. In 2017, Deutsche Bank traders will move to a nearby glass-and-steel complex that’s under construction by Tishman Speyer.
For Related News and Information:
Top Real Estate Stories: TOPR
For more news on Deutsche Bank: DBK GY Equity CN