ABG acquires office property in Frankfurt for €113m
ABG Real Estate Group’s financial investment management entity ABG Capital has obtained an office environment property, SKY, in Eschborn, close to Frankfurt am Major for €113 million.
The company acquired the residence from the Frankfurt-based venture developer Cilon, on behalf of a club of institutional traders.
Centrally situated at Frankfurter Strasse 60-68, SKY is residence to numerous renowned, internationally energetic companies from various sectors. SKY also characteristics gastronomic offerings. The property is fully let under long-term leases.
SKY is a is a twelve-storey commercial office building with a distinctive façade in natural stone. It features an aggregate rental area of approximately 19,800 sqm, including around 19,000 sqm of office floor space with highly flexible floor plan layout and state-of-the-art equipment, plus around 600 sqm of restaurants. The property also offers 325 outside and underground car parking spaces, including 16 charging points for electric vehicles.
Eschborn-South is one of the strongest real estate sub-markets in the Frankfurt metropolitan region; it is distinguished by a highly dynamic development due to several current projects.
Numerous renowned businesses and global market leaders are already located in Eschborn-South. The location’s attractiveness is further enhanced by a constantly growing range of gastronomical offerings. Eschborn-South benefits from excellent transport connections, via a local express train (S-Bahn) station nearby and a recently constructed additional motorway exit.
SKY was built in 1998, and extensively revitalised – to new-build quality – in 2021 and 2022 by CILON. The premium revitalisation was recognised by the Real Estate Management Award 2021 for project development involving an existing property; the property was certified “very good” by the Building Research Establishment Environmental Assessment Methodology (BREEAM).
SKY is let under long-term leases to globally active businesses from various sectors, including Hyundai Mobis as a main tenant as well as Hyundai Glovis, Manpower Germany, and Orion Engineered Carbons. The occupancy rate is 100%.
Piotr Bienkowski, Managing Partner of ABG Capital: “With SKY, we are acquiring an ultramodern property in a prime location within a highly attractive sub-market of the Frankfurt metropolitan region. SKY offers outstanding potential for the future, both in terms of the location’s further development as well as regarding the property’s equipment and highly configurable office space. Thanks to its flexible floor plan layout, SKY perfectly captures the zeitgeist for “New Work”. A top-quality refurbishment, preserving the original building fabric, has provided a major contribution to the positive ESG profile.
Philipp Feldmann, Managing Director of Cilon GmbH: “Over the past few years, we have been able to comprehensively revitalise SKY Eschborn and create modern working environments. I am very pleased that we have now found a sustainable and far-sighted owner for the property in ABG Capital, who appreciates the strengths of the property. I would like to thank everyone involved for the very successful cooperation.”