If a well-known long-term tenant leaves a property, it not only loses its identity and story, but also credibility in value. Here, fast, effective action with good market knowledge was the central key in our asset management toolbox. This is exactly what we achieved in record time, consistently and imaginatively.
In the case of Skylight, speed met persuasive power.
Skylight FrankfurtThe property
Skylight is located in the heart of Frankfurt near the Eschersheimer Turm. The 8-storey E-shaped building was designed in 2001 by the celebrated UK architect Richard Rogers and offers approx. 20,000 sqm of rental space in five building sections, accessed through a large and representative entrance area.
Facts & figures
| Property name | Skylight |
|---|---|
| Address | Stephanstrasse 14-16 in 60313 Frankfurt/Main |
| Submarket | Ciry |
| Asset class | Office, commercial |
| Year of construction | 2001 |
| Lettable area | 20,300 sqm |
| Landlord | Deka |
| Activities | Repositioning, Landlord Representation |
| Mandate period | 2012 |
The challenge
Skylight was already let to UBS Germany before construction began in 2001. UBS Germany moved to the Opernturm in 2010 after its 10-year lease in Skylight expired. When we were awarded our mandate for the property, we were confronted by long-standing vacancy and a building that appeared to be very difficult to let.
We were awarded the mandate two years after UBS Germany left the building: turning years of vacancy into a tangible success story. After all, more than 20,000 sqm of lettable space was at stake. However, if you consistently follow and analyse the market and its trends in detail, you can also consolidate your focus on potential tenants. We had SEB in our sights. For good reason and with a good persuasive argument.
The method
Active asset management with effective measures and tools
- Development of a TI & CapEx plan
- Development of a letting and pricing strategy
- Development of a property-specific marketing suite
- Marketing of vacant space
- Location-specific marketing of the property
The aim was to offer the most attractive property in the large-space category in a central location in Frankfurt.
This required an extensive programme to credibly reposition the extensive vacant space in the market. For this purpose, we prepared a detailed marketing concept with the owner including a TI & CapEx plan, a letting strategy based on the possible rental options and a credible and competitive pricing strategy.
The decisive starting point, however, was the targeted reactivation of a prospective tenant who was already thought to be lost: SEB - the subsequent main tenant. We approached SEB after their interest in the property had waned shortly before we were commissioned. However, we were convinced that the potential of the building for this letting had not been recognised. We developed a customised TI & CapEx concept, as well as a marketing film with visuals tailored to the tenant fit-out. We were successful. Almost full occupancy with SEB as the main tenant was secured within five months.
New TI concept
Marketing brochure
The result
Building Value: The positive results from Asset Management for Skylight
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- Almost full letting within five months
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- Reduction of long-standing vacancy and stabilisation within the mandate
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- Creation of a product with higher market appreciation at a rental price that exceeded expectations
Almost full letting achieved within five months. The highly focused, individual approach made to the potential tenant SEB brought success. A success based on factual arguments, of course - but here also passionately driven with a dedicated marketing video for SEB and perfect timing in communication.