Frankfurt to Benefit from Brand New Retail Development

Frankfurt is getting a new prime retail development featuring a selection of luxury fashion labels anchored by Louis Vuitton: ONE Goethe Plaza.

 

The scheme, which has been designed by signature Frankfurt architect Prof. Christoph Mäckler, provides high quality, modern space in a prime location: approx. 4,900 sq. meters of retail and approx. 6,700 sq. meters of office space will be created to cater to significant tenant demand. Frankfurt’s new inner city project is located directly on the Goetheplatz and is thus within easy reach of the business and banking quarters. The development will adjoin Goethestrasse, Frankfurt’s prime shopping street for luxury, high-end shopping.

 

Ralph Wagner, General Manager of FREO Financial & Real Estate Operations GmbH, commented, “For the city of Frankfurt, and particularly for the Goetheplatz itself, ONE Goethe Plaza is a great gain, because we are making a considerable contribution towards enhancing the value of the inner city and the Goetheplatz with excellent and timeless architecture and a sustainable usage concept.” The Louis Vuitton luxury brand has already been won as anchor lessee and “others should follow soon” stated Christoph Scharf, head of retail at BNP Paribas Real Estate, the leading leasing agent.  Bill Benjamin, European CEO of AREA Property Partners, commented: “AREA is delighted to be developing this prime retail and office scheme in conjunction with FREO. It is a marquee development that will be highly attractive to the most discerning of tenants, as evidenced by Louis Vuitton’s commitment to the scheme.”

“In addition to a first-class shopping experience in the ONE stores, the office space being offered will be very attractive due to its high quality and excellent location,” said José Martinez, head of office letting at BNP Paribas.

The project is a joint venture of the Luxemburg-based private equity company FREO and AREA Property Partners. German FREO GmbH is acting as local development manager of the joint venture, which acquired the project from an international private investor in March 2011 and has optimized the scheme design. BNP facilitated the deal. The scheme is being financed by Helaba of Frankfurt (“Landesbank Hessen-Thüringen”) and the Berlin “Landesbank”.

Construction is to begin in the first quarter of 2012 with practical completion in summer of 2013.

 

Comments are closed.

    2018 A1 Buyers Guide
  • A1 Retail Twitter

  • Facebook