Trianon Trades for No Small Change
- Jul 17, 2015
One of Frankfurt’s most iconic office properties has been sold by a venture between Madison International Realty and the Morgan Stanley Eurozone Office Fund. The Trianon Office tower in Frankfurt-am-Main just traded hands in a deal worth around $590 million to New York-based investor NorthStar Realty Finance Corp.
The 610-foot tower is the city’s sixth tallest, and features a distinct triangular outline that, along with the Diamond located on its roof, is a Frankfurt skyline staple. Built in 1993, the 47-story tower has undergone an extensive repositioning process over the past few years. The building’s elevators and lobby have been redone, a new concierge service has been introduced, and the overall quality of the building has been improved. The asset now bears LEED Gold Certification from the U.S. Green Building Council. Another change brought is the illumination of the Diamond starting with last year’s Luminale.
Post-repositioning, the asset’s leasing status has greatly improved. Property manager Bilfinger Real Estate Argoneo Gmbh has secured important tenants such as the German Central Bank. The financial institution inked an agreement for 161,000 square feet of space in 2014, in what was one of the largest deals in its kind in the city of Frankfurt. The Trianon Tower’s largest tenant remains DekaBank. Occupancy is now at around 98.5 percent, a substantial improvement over the 85 percent it stood at when Madison International Realty acquired its stake in the office asset.