Frankfurt am Main, 04.03.2024
• Compass Group to operate the approximately 3,000 square meter Foodhall
• Invesco secures 1,500 square meters of office space
The occupancy rate at the T1 office tower – the largest of the four towers in the new FOUR Frankfurt urban quarter being developed by Groß & Partner – now stands at around 70 percent due to further major letting successes. The Compass Group, the world's largest food service company, has been secured as the designated operator of the Foodhall in the new city quarter. In addition, Lazard & Co. GmbH will set up its German headquarters in T1, while Invesco Asset Management Deutschland GmbH will also move in as a new tenant in 2025, occupying around 1,500 square metres of the 233-metre-high tower.
The other tenants of T1 are also well-known companies from the banking and consulting sector such as DekaBank, Boston Consulting Group, Allen & Overy, Freshfields Bruckhaus Deringer and Collection. The expansion of DekaBank's spaces will be completed according to the agreed timeline (summer 2024), allowing DekaBank to take over its office space as planned, being the first to do so. Another significant milestone will be the comletion of the reception area by the end of 2024."We are right on schedule with the construction progress, despite the difficult environment in the construction industry. This shows that our company is excellently positioned even in this crisis," emphasizes Nikolaus Bieber, Co-Chairman of the Management Board of Groß & Partner.
"Despite the difficult financing environment, the current development is allowing us to set our sights on further projects," is Nikolaus Bieber's cautiously positive assessment.
Another milestone in the development of the building is the Foodhall, which will further revitalize the entire Frankfurt city centre. A tenant has also been found for it. Food Affairs GmbH, a Compass Group Deutschland GmbH company, will take over a total of around 3,000 square metres and set up several restaurants, booths, and stores as well as a cooking studio there.
As announced in July 2021, PIMCO Prime Real Estate acquired FOUR T1 from Groß & Partner on behalf of a joint venture between several Allianz group companies and Universal-Investment, acting on behalf of multiple German pension funds each represented by Bayerische Versorgungskammer (BVK). PIMCO Prime Real Estate will take over the asset management of FOUR T1 on completion.
Annette Kröger, CEO Europe at PIMCO Prime Real Estate, comments: “Our decision to acquire T1 on behalf of our clients was based on the mixed-use character of the asset. The letting of the Foodhall is an important step, while the letting of the office space is progressing steadily which continually convinces us that T1 exactly meets today’s user expectations. This underscores our belief that smart, sustainable workplaces in the best locations within top cities will weather the storm, and we look forward to adding FOUR T1 to our office portfolio in 2025.”
The new FOUR quarter not only scores points for its diverse uses and central location, but also for its sustainable construction and the planned publicly accessible areas, such as the roof garden on the 6th floor of tower T2, which offers a special attraction for tenants and neighbors.
