Testina: Acquisition in Frankfurt am Main
LaSalle Investment Management has acquired a modern office building at 12-16 Barckhausstrasse in Frankfurt's West End on behalf of the Testina investment foundation.
According to LaSalle, it is the first investment of the single mandate in Germany. The building, which was recently extensively modernized, has 5,745 sqm of leasable space and is very well connected to public transportation. Cultural, catering and educational facilities are within walking distance. According to LaSalle, the property is largely leased to first-class tenants on a long-term basis and has further potential for appreciation.
LaSalle was advised by law firm Jones Day and Gleeds Germany, the seller Deka Immobilien by CBRE.
Frankfurt's Westend is a densely built-up, mixed-use urban district and consists mainly of office properties and residential buildings in the upper price range, whose rents are among the highest in the city. Frankfurt is Germany's most important financial center and home to the European Central Bank and major banking groups such as Deutsche Bank, Commerzbank and Landesbank Helaba.
