The Goldenes Haus (Golden House) complex in Frankfurt’s City-West quarter was acquired from Commerz Real in the fourth quarter of 2017 as an off-market transaction together with Swiss Partners Group. The ten-storey building, which underwent its first extensive revitalization in 2001, stands out for some of the most efficient floor plans in the Frankfurt office market.

At the time of purchase, the property was already occupied by two primary tenants of similar size. Between signing and closing, one of these two leases was extended, thus significantly stabilizing the originally very short weighted average remaining lease term (WALT) of less than two years.

As to the lease with the other pre-existing tenant, Commerzbank, this space was re-let to Rentenbank, thereby increasing rental income by 39%.

In addition to building works by the new tenant, the structure’s technical systems were renewed and the entrance hall, coffee bar and outdoor areas were extensively renovated over nine months in 2020 through the investment of approx. EUR 20 million.

Following the move-in of Rentenbank in October 2020, the Goldenes Haus was once again fully leased out and sold at the end of 2020 to DIC Asset.