Clifford Chance advised an US-American investor on the sale of the City Gate office tower in Frankfurt / Main to Godewind Immobilien AG for 85 million euros.
HRO Germany GmbH serves as asset manager for the property. The transaction was structured as an asset deal and is expected to be completed in the third quarter of 2019.
The City Gate Tower with 28 storeys is located on an approximately 3,600 square metre site in an attractive traffic location at Nibelungenplatz in Frankfurt’s Nordend district and has 165 underground parking spaces and 28 outside parking spaces. The multi-tenant complex offers flexible space for government institutions, public sector companies and various other service providers. In addition, the complex benefits in particular from the stable rental income of the predominantly public tenants.
Between 1993 and 2018, the office tower was modernised and awarded “very good” sustainability certification by BREEAM, an internationally recognized indicator for green buildings.
The Clifford Chance Team comprised Partner Christian Keilich (Picture), Senior Associate Jörg Reinshagen and Legal Support Assistant Sabrina Decher (all Real Estate) as well as Partner Josef Brinkhaus and Counsel Anette Hofmann (both Tax, all Frankfurt).
Law Firms: Clifford Chance;
Clients: HRO Germany GmbH;