{"id":1004285963,"date":"2018-12-14T01:41:44","date_gmt":"2018-12-14T09:41:44","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004285963"},"modified":"2022-12-09T02:46:34","modified_gmt":"2022-12-09T10:46:34","slug":"northstar-realty-europe-sells-frankfurts-trianon-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/northstar-realty-europe-sells-frankfurts-trianon-tower\/","title":{"rendered":"NorthStar Realty Europe Sells Frankfurt\u2019s Trianon Tower"},"content":{"rendered":"<p>By Gail Kalinoski<\/p>\n<div id=\"attachment_1004285969\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/Trianon_Frankfurt_800x513.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004285969\" data-attachment-id=\"1004285969\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/northstar-realty-europe-sells-frankfurts-trianon-tower\/trianon_frankfurt_800x513\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/Trianon_Frankfurt_800x513.jpg\" data-orig-size=\"800,599\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;3.5&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;ILCE-7R&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1368472729&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;24&quot;,&quot;iso&quot;:&quot;100&quot;,&quot;shutter_speed&quot;:&quot;0.0015625&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Trianon_Frankfurt_800x513\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/Trianon_Frankfurt_800x513.jpg?w=800\" class=\"wp-image-1004285969 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/Trianon_Frankfurt_800x513.jpg\" alt=\"Trianon Tower\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/Trianon_Frankfurt_800x513.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/Trianon_Frankfurt_800x513.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/Trianon_Frankfurt_800x513.jpg?resize=768,575 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004285969\" class=\"wp-caption-text\">Trianon Tower<\/p><\/div>\n<p>NorthStar Realty Europe Corp. (NRE) has sold the iconic Trianon Tower, a 737,360-square-foot office building in Frankfurt, Germany, for approximately $758 million to IGIS and Hana Financial Investment, a South Korean consortium.<\/p>\n<p>Constructed in 1993 at Mainzer Landstrasse in the heart of Frankfurt\u2019s CBD and banking district, the triangular-shaped tower is the sixth tallest building in Germany at 610 feet. NRE has owned the 46-story asset, its largest, since <a href=\"https:\/\/www.commercialsearch.com\/news\/international-trianon-sale-lightens-madison-realtys-portfolio\/\">acquiring the building in July 2015<\/a>. Back then, the company purchased it from a venture between Madison International Realty and the Morgan Stanley Eurozone Office Fund for about $590 million. Since acquiring the tower, NRE completed an extensive refurbishment program, including elevator and lobby renovations. The building achieved LEED Platinum certification in September 2018.<\/p>\n<p><em>\u201cHaving completed a number of complex, value-enhancing asset management initiatives during our ownership period, we are pleased to announce the sale of Trianon. The sale crystallizes an approximate 20 percent IRR and further enhances NRE\u2019s track record of consistently creating value for stockholders since inception,\u201d<\/em> said Mahbod Nia, Northstar Realty Europe\u2019s CEO &amp; president, in a prepared statement.<\/p>\n<p>Since the repositioning, NRE leased seven vacant floors and secured lease extensions from Deutsche Bundesbank, the building\u2019s second-largest tenant, and Franklin Templeton, the third-largest tenant. The office tower is now fully leased with 90 percent of the rent derived from long-term leases with Deutsche Bundesbank and Dekabank.<\/p>\n<h2>Cushman &amp;Wakefield handled deal<\/h2>\n<p>Cushman &amp; Wakefield advised on the sale of the property. <em>\u201cThe sale follows a comprehensive global marketing campaign, which saw the building generating significant interest from a broad spectrum of investors in Europe, China, Hong Kong, Singapore and South Korea,\u201d<\/em> Argie Taylor, head of APAC Cross Border Capital Markets at Cushman &amp; Wakefield, said. &nbsp;<\/p>\n<p>Richard Tucker, head of Capital Markets Frankfurt at Cushman &amp; Wakefield, stated the Trianon, <em>\u201cis perfectly positioned to not only benefit from the projected out-performance of Frankfurt rental growth, but also from the city\u2019s appeal as a leading global financial center.\u201d<\/em><\/p>\n<h2>More Frankfurt moves<\/h2>\n<p>Last month, Madison International and Peakside Capital AG <a href=\"https:\/\/www.commercialsearch.com\/news\/peakside-madison-sell-frankfurt-office-asset\/\">sold the shares for an office property<\/a> of the Frankfurt Airport Center to a partnership between Godewind Immobilien AG and ERWE Immobilien AG for $190 million in an off-market deal. Peakside acquired the asset on behalf of its Peakside Real-Estate-Fund II last year and Madison made an investment through the International Real Estate Liquidity Fund VI.<\/p>\n<p>After the purchase, the investors extended the fixed term of the leasehold with the airport operator until 2090 and signed approximately 108,000 square feet of space to new and current tenants. The property has direct access to Terminal 1 of the Frankfurt International Airport, includes 182 parking spaces and is adjacent to a train station.<\/p>\n<p><em>Image courtesy of Cushman &amp; Wakefield<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 737,360-square-foot iconic office building in the German banking center\u2019s CBD changed hands for about $758 million. Cushman &amp; Wakefield advised on the deal. <\/p>\n","protected":false},"author":1068,"featured_media":1004285969,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,16,21783,21742,21747],"tags":[32799,32779,33284],"class_list":["post-1004285963","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-international","category-investment","category-latest","category-office","tag-cushman-wakefield","tag-leed","tag-northstar-realty-finance-corporation"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>NorthStar Realty Europe Sells Frankfurt\u2019s Trianon Tower - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/northstar-realty-europe-sells-frankfurts-trianon-tower\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NorthStar Realty Europe Sells Frankfurt\u2019s Trianon Tower\" \/>\n<meta property=\"og:description\" content=\"The 737,360-square-foot iconic office building in the German banking center\u2019s CBD changed hands for about $758 million. Cushman &amp; Wakefield advised on the deal.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/northstar-realty-europe-sells-frankfurts-trianon-tower\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-12-14T09:41:44+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T10:46:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/Trianon_Frankfurt_800x513.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"599\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/northstar-realty-europe-sells-frankfurts-trianon-tower\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/northstar-realty-europe-sells-frankfurts-trianon-tower\/\",\"name\":\"NorthStar Realty Europe Sells Frankfurt\u2019s Trianon Tower - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/northstar-realty-europe-sells-frankfurts-trianon-tower\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/northstar-realty-europe-sells-frankfurts-trianon-tower\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/Trianon_Frankfurt_800x513.jpg\",\"datePublished\":\"2018-12-14T09:41:44+00:00\",\"dateModified\":\"2022-12-09T10:46:34+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/fc5b5df1393e5023d2417bd48c2fda57\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/northstar-realty-europe-sells-frankfurts-trianon-tower\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/northstar-realty-europe-sells-frankfurts-trianon-tower\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/northstar-realty-europe-sells-frankfurts-trianon-tower\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/Trianon_Frankfurt_800x513.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/Trianon_Frankfurt_800x513.jpg\",\"width\":800,\"height\":599},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/northstar-realty-europe-sells-frankfurts-trianon-tower\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"NorthStar Realty Europe Sells Frankfurt\u2019s Trianon Tower\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/fc5b5df1393e5023d2417bd48c2fda57\",\"name\":\"Gail Kalinoski\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/Gail-Kalinoski-headshot.jpeg?w=86\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/Gail-Kalinoski-headshot.jpeg?w=86\",\"caption\":\"Gail Kalinoski\"},\"description\":\"Kalinoski has been a contributing writer to Commercial Property Executive and Multi-Housing News since 2010 and previously wrote for three years for Commercial Property News. 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Gail has been a freelance writer and editor for more than 20 years, contributing to daily websites, magazines, weekly business newspapers, market intelligence newsletters, research reports, monthly B-to-B and consumer magazines. Earlier in her career, Gail worked for Gannett Corp. as an editor and reporter for 15 years. 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