US private investment firm Starwood Capital Group has joined forces with local operating partner Cells Property Investors to acquire an office property in Frankfurt.
Financial details were not disclosed.
The asset, ‘Fifty Avon’, is located at Mainzer Landstraße 50 and comprises 20,800 m2 lof space. It is let to various occupiers including INEOS Styrolution, Fitseveneleven, Robert Half, VisualVest and Ecos office centre.
‘We remain bullish on the Frankfurt market as a key beneficiary of Brexit and we believe that the asset will benefit from the continuing westward expansion of the CBD,’ commented Stephan Schlomberg, associate at Starwood Capital Group.
‘The combination of the generous 2,600 m2 floor plates, the excellent space efficiency, and the strategic position in Frankfurt’s centre makes this investment unique,’ he added.
‘Fifty Avon’ is Starwood’s third investment in Europe on behalf of its vehicle focused on value-add opportunities. It follows Diamant2 office portfolio in Hamburg and St Vincent Plaza in Glasgow acquisitions.