Tishman Speyer beats international competitors in acquiring the much sought-after location
Frankfurt-based Metzler Bank is selling off its former headquarters. Interest in acquiring the property, one of the few remaining high-rise building locations in central Frankfurt’s skyscraper-dominated banking district, has been high among international real estate investors. Faced with fierce competition from abroad, Tishman Speyer prevailed in its attempts to secure acquisition of the property, mainly on account of its expertise and experience in the development of sophisticated real estate projects in Frankfurt. The redevelopment plans provide for a 175m high skyscraper, which will become Tishman Speyer’s fourth skyscraper in Frankfurt. The parties have agreed not to disclose terms of the acquisition.
Friedrich von Metzler says he is “delighted that the headquarters of our bank for nearly 200 years are now in the hands of experienced project developers, who have already shaped the positive urban landscape of Frankfurt. I am excited about the skyscraper architecture which is to grace the Frankfurt skyline.”
The sales process will be handled by the Metzler corporate finance group. The in-house team has wide-ranging expertise in significant real estate and business transactions. On the software side, Metzler has tapped the Drooms virtual data room to support the process.
The Drooms virtual data room’s intuitive user interface, as well as the incredible real-time document display speed provides a simple, quick, and pleasant working experience for all involved. Furthermore, additional tools and services guarantee a seamless and efficient workflow. This includes the Q&A management platform for structured question-and-answer processes, detailed permissions management at group and document level, and supervision by a dedicated project manager. Ongoing documentation of all processes fulfils the defined security and compliance requirements. To date, the software solution has provided secure, transparent, and efficient support of several thousand complex transactions such as commercial real estate sales, M&A transactions, and IPOs.
