Oceans & Company successfully advised on another value-add investment transaction as a buy-side advisor. The newly labelled Central Tower (name created by Oceans & Company), former “Opel Tower”, with approximately 4,500 sqm of lettable space, distributed over 12 aboveground floors, has been purchased by Volksbank Main-Kinzig-Büdingen in Q1 2018.
By means of an off-market deal, the property has been acquired at a purchase price of over EUR 5 Mio. from Curzon Advisers.
The Central Tower, built in 1993, is located at Frankfurter Straße 92 - 98 in Eschborn. The building has an outstanding visibility and high recognition value. The value-add investment is characterised by excellent upside-potential due to below-average rent levels.
Challenging factors in this transaction were circumstances such as a vacancy rate of 31% and the fact, that the anchor tenant Opel has left the building.
This representative value-add transaction once again underpinned Ocean & Company’s strong value-add competence and furthermore the deep knowledge in the Eschborn market.