In a joint venture deal, real estate investment firm Blue Colibri Capital has sold Frankfurt’s Fifty Avon office building to private investment group Starwood Capital and CELLS Property Investors. Oceans & Company and Savills were tasked exclusively with advising the seller on the international sales process.
Located at Mainzer Landstrasse 50 in Frankfurt’s central banking district, Fifty Avon offers 20,842 sqm of office space on 8floors. A key feature of Fifty Avon is its large office floor plates of up to 2,640 sqm. Following an extensive programme of refurbishment by Blue Colibri between 2015 and 2017, the property, formerly known as Alkmene, was repositioned under its new name, “Fifty Avon”. Blue Colibri acquired the property fully vacant as part of an opportunistic investment strategy, whilst the buyers of Fifty Avon were driven by a core plus return strategy. Shortly after the repositioning, and by refocusing its efforts on acquiring tenants, the landlord was able to let 7,000 sqm of space to various tenants, including a business centre provider and a fitness studio operator. Oceans & Company contributed to this process by acquiring Ineos Styrolution, headquartered in Frankfurt, a global supplier of styrenic plastics.