Deka Immobilien has sold the distinctive “Lighttower” office and commercial building on Hanauer Landstraße in Frankfurt from the portfolio of the open-ended real estate fund Deka-ImmobilienEuropa. The purchaser is a company belonging to Union Investment Institutional Property.
Standing approximately 75 metres tall, the Lighttower offers more than 10,000 square metres of rental space and 87 parking spaces. The building is almost fully let to 13 tenants, with the Frankfurt Economic Development Agency occupying the largest area.
Built in 1966 and comprehensively modernised and extended between 2002 and 2005, the Lighttower features flexible floor layouts, modern technical equipment, and benefits from an excellent location in Frankfurt’s up-and-coming Ostend district, just a few steps from the European Central Bank and Frankfurt East Station. The Ostend is now one of Frankfurt’s most sought-after office locations, known for its excellent transport connections, strong demand, and a vibrant mix of office, residential and leisure uses.
With the sale of the Lighttower, the Deka-ImmobilienEuropa fund has disposed of a non-strategic asset after a holding period of 54 years, generating a significant gain for investors over the entire period.