Why does a property in a prime location have more than 20% vacancy? We identified the problem from an asset management perspective and achieved full occupancy in just 18 months, thanks to our "die Welle der Möglichkeiten” (wave of opportunities) campaign.
Our solutions for "die Welle" in Frankfurt
Die Welle FrankfurtThe property
With a lettable area of approx. 80,000 sqm, the die Welle complex is one of the largest properties in Frankfurt's Banking District. The site occupies a prime location directly behind the Alte Oper in the Westend and consists of two parallel main buildings, one of which was built in the undulating shape that gives the complex its name and a cross-wing facing the opera house. The complex was developed by Union Investment at the turn of the millennium and completed in 2001.
Facts & figures
| Property name | die Welle |
|---|---|
| Address | An der Welle 2-10 in 60322 Frankfurt/Main |
| Submarket | Westend |
| Asset class | Office, retail |
| Year of construction | 2001 |
| Lettable area | 80,000 sqm |
| Landlord | AXA/Norges |
| Activities | Repositioning, Landlord Representation |
| Mandate period | 2016 - 2019 |
The challenge
The property had a vacancy rate of over 20%. Moreover, some of this space had never been let since marketing began in 2001 and the new owner also found it difficult to resolve the problem. This was surprising given the high quality of the building and therefore deeper investigation was required. After a short time we had identified the problem: there were over 250 different rental scenarios for the existing vacancy in the property, whereas the marketing campaign was targeted at only large-space rentals, accompanied by relatively little documentation which would have brought transparency to this complex property.
The marketing campaign and market perception were not synchronised. Despite there being 250 different rental scenarios, only large-space rental options were being pursued. A repositioning by our Asset Management team using targeted tools created new transparency and achieved success.
The method
Active asset management with effective measures and tools
Digital space configurator with 3D animation
Modern marketing concept with marketing suite adapted to the complexity of the building's letting challenges
Attractive presentation of long-standing vacant space with our Oceans White Rooms concept
3D visuals
Our “die Welle der Möglichkeiten” initiative
At the centre of an overall concept was a marketing suite designed to resemble an inspiring lounge. Here, potential tenants could be welcomed and provided with appropriate advice. In addition to the presentation of several fit-out and furnishing options, an introduction to the entire complex and a demonstration of the state-of-the-art building technology, potential tenants were also given bespoke information about the various rental scenarios.
This was done quite formatively and imaginatively: together with specialists, we developed a space configurator to present the numerous rental options simply and transparently in a 3D model. This was not only helpful for the prospective tenants, but also for the estate agents and the entire marketing team. Each of the many scenarios could be called up spontaneously and attractively.
Area configurator
White Rooms
Marketing suite
3-D Visuals
The result
Building Value: The positive results from Asset Management and Investment Advisory for die Welle
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- Fully let for the first time since it opened its doors 17 years ago
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- Reduction in long-standing vacancy within 18 months of finalising all marketing measures
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- Creation of a higher market value product. This was manifested by the successful sale to an international Core investor shortly after achieving full occupancy
Creation of a higher market value product. This was manifested by the successful sale to an international Core investor shortly after achieving full occupancy.