The Frankfurt Real Estate Industry team advised Godewind Immobilien AG on the acquisition of the "City Gate Tower" office complex in Frankfurt for approximately €85 million. The transaction is expected to be completed in the 3rd quarter of 2019.
The "City Gate Tower" in Frankfurt's Nordend district is an office complex with 28 floors and 23,308 sqm of total lettable space. The building, completed in 1966, was the tallest office tower in the City at the time. It was modernized in 1993 and 2018.
Godewind Immobilien AG is a real estate company based in Frankfurt that specializes in German commercial real estate. The company's focus is on establishing an attractive office property portfolio. Shares of Godewind are traded in the Prime Standard of the Frankfurt Stock Exchange. Including the latest acquisition, Godewind holds a portfolio of office properties with a total value of approx. €850 million.
Goodwin has been regularly advising Godewind on real estate transactions. The "City Gate Tower" is the eighth property to be acquired by Godewind with the assistance of Goodwin Frankfurt real estate partner Marc Bohne and senior associate Vivien Joest as well as associates Gleb Lidman, Christopher Jeschor. The lawyers advised on the acquisition of the "Herzog-Terrassen" in Duesseldorf at the beginning of 2019, and in 2018 on the acquisition of the "Sunsquare" office complex in Kirchheim near Munich, an office property close to Duesseldorf Airport and several office buildings in Hamburg.
For additional details on the acquisition, please read the press release.