FRANKFURT, Germany—NorthStar Realty Finance of New York has entered into an agreement to acquire Main Tower, a 56-story class A office building for about $606 million (€540M).
In a separate deal, Allianz Real Estate, the property investing unit of Europe's biggest insurer, bought an office building in Berlin that's rented to railway company Deutsche Bahn AG for $240 million (€210M).
At more than 656 feet tall, Main Tower is one of the tallest buildings in Germany. It is approximately 68,600 square meters, 98.5% occupied, and has a weighted average lease term of approximately eight years with two tenants rated "AAA" and "A" comprising over 70% of gross rents, according to release from NorthStar.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
