LaSalle Investment Management has acquired Morrow, an office building in Frankfurt, Germany, on behalf of its LaSalle E-REGI fund. A joint venture of Art-Invest Real Estate and Red Square sold the property and CBRE brokered the deal, which will close in July, when renovations at the building are set to be completed.
Located at Oberlindau 54-56, in Frankfurt’s Westend, the roughly 75,300-square-foot building is within walking distance of three subway stations. The property is also 1 mile from the city’s central train station and 8 miles from Frankfurt International Airport. DGNB, the German Sustainable Building Council, recognized Morrow as being developed to the highest possible sustainability standards, which is why the 11-story building is set to receive a DGNB Platinum certificate and a WiredScore certificate. The office asset has six terraces. Tenants include McDermott and Anderson Tax & Legal.
Andreas Wesner, LaSalle head of acquisitions for Germany, considers Frankfurt one of the most stable office markets in Europe, despite a reduced investment volume in most of the region’s countries. In a prepared statement, Warner said Germany will continue to garner strong investor attention, particularly after Brexit.
Linklaters advised LaSalle on the legal aspects of the transaction, while W+S Real Estate assisted the company with technical advice. GSK Stockmann worked on behalf of the sellers.