• Implementation to commence shortly: Construction to begin in late autumn 2024.
• Total investment volume of 370 million euros.
• Nearly half of the spaces already leased.
Frankfurt/Hamburg, April 11, 2024 – Joint venture partners ABG Real Estate Group and HanseMerkur Grundvermögen have secured a construction financing of 200 million euros for their collaborative project development CENTRAL PARX in Frankfurt – formerly known as BHF Tower. Acting as lead arranger, DZ HYP, along with a consortium of several cooperative banks, provides the financing amount. This real estate financing is one of the largest in the German real estate market so far this year, enabling the upcoming extensive renovation and revitalization measures on the iconic property located at Bockenheimer Landstraße 10, which will be known as CENTRAL PARX, offering state-of-the-art and sustainable workspaces in prime downtown location.
Long-standing sole tenant Oddo BHF has vacated the premises in the building ensemble after over 50 years. The first new tenants in the future CENTRAL PARX include primarily the international law firm Noerr and ABG Real Estate Group itself, pre-leasing nearly half of the rental space.
The building ensemble located in the prime location of the banking district near Rothschildpark, consisting of three elements: CENTRAL PARX Tower, CENTRAL PARX Studio, and CENTRAL PARX Pavilion, will be completely redesigned and revitalized to top new construction quality with state-of-the-art facilities. Completion is scheduled for late 2027. The building permit has been submitted, and the start of the renovation works is planned for late autumn 2024, with the high-rise construction initially preceded by the dismantling of the listed property.
Ulrich Höller, Managing Partner of ABG Real Estate Group, stated: "The successful securing of financing marks a crucial step towards realizing CENTRAL PARX – a project that will profoundly shape the skyline of Frankfurt, much like the BHF Tower did in the past. Together with HanseMerkur Grundvermögen, we are transforming this historic structure into a forward-thinking and sustainable work environment."
Malte Andes, Deputy Chairman of the Executive Board of HanseMerkur Grundvermögen, added: "Top projects like this iconic property near the Alte Oper find financing in every market phase. We are delighted with our partners about this progress and look forward to the start of construction."
Before the work commences in late autumn, a series of various events by industry associations and economic institutions will take place in the CENTRAL PARX Pavilion. These will include events such as the Baden-Badener Unternehmer-Gespräche, the ULI Germany Leader Summit, the Wirtschaftsclub Frankfurt, and the RICS Anniversary Conference.
About the CENTRAL PARX Building Ensemble:
CENTRAL PARX is a building ensemble consisting of the TOWER, STUDIO, and adjacent PAVILION elements.
The building ensemble was constructed in 1965 based on a design by architect Sep Ruf, one of the significant and influential architects of post-war Germany, and was utilized by BHF Bank for over 50 years. Sep Ruf is known for projects such as the Chancellor's Bungalow in Bonn and the German Pavilion for the 1958 Expo in Brussels.
ABG Real Estate Group and HanseMerkur Grundvermögen acquired the building ensemble in 2020 and, following the bank's departure in late 2023, conceptualized the transformation into a modern and sustainably oriented building ensemble CENTRAL PARX. The transformation and revitalization of the listed property are overseen by renowned Frankfurt architect Prof. Christoph Mäckler. The property at Bockenheimer Landstraße 10 covers an area of nearly 8,400 square meters with leasable areas of around 23,500 square meters in the three building sections. It is distinguished by its iconic architecture and prime location in the heart of the banking district in Frankfurt. Its integration into the historic Rothschildpark creates an exceptional unique selling proposition.
The renovation works are set to begin in late autumn 2024. Completion of the fully revitalized and modernized CENTRAL PARX is scheduled for late 2027.
