Seagram Owner Sells Frankfurt ECB Tower to IVG for $510 MillionDalia Fahmy
RFR Holding LLC, the investment firm that owns New York’s Seagram Building, is selling a Frankfurt skyscraper rented to the European Central Bank for 480 million euros ($510 million).
The Eurotower is being bought by IVG Immobilien AG’s institutional funds unit on behalf of a German pension fund, IVG said in a statement on Thursday. The ECB will house its banking regulators in the entire 60,000 square meters (646,000 square feet) of the 40-story building, according to the statement.
IVG, once Germany’s biggest real estate company, was acquired by its creditors last year following a 3.2 billion-euro debt restructuring. The company sold its private funds business in an effort to improve its profitability, and continues to manage institutional funds for pension funds and insurers.
New York-based RFR was founded by German-born investors Aby Rosen and Michael Fuchs. The company has $10 billion of real estate, including the Westendgate in Frankfurt, the Alsterarkaden in Hamburg, and the Gramercy Park Hotel in New York, according to its website.