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Press Release

GEG: co-working provider Spaces rents more than 9,000 sqm in the Global Tower

Frankfurt, 13.09.2018

GEG German Estate Group AG, Frankfurt/Main, has concluded the first major rental contract for the “Global Tower” development in the centre of Frankfurt’s banking district immediately after start of construction: Spaces, a subsidiary of the listed IWG, will occupy 9,170sqm of the property in autumn 2020. Spaces is Europe’s leading provider for co-working spaces. It is the largest co-working contract concluded in Frankfurt in 2018.

NAI apollo Group advised the tenant; BNP Paribas Real Estate Group advised GEG.

With its strong orientation towards the services and consultancy sectors and the rapidly growing FinTech industry, Frankfurt/Main is seeing increased demand for co-working places such as the SPACES concept; the Global Tower, with its timeless architecture and its exclusive location, presents the perfect property for this new way of working.

SPACES will be able to provide users with around 700 flexible workstations, which – besides places in the open co-working area – will also include individual and team offices. This will extend the range of conference facilities in the city centre by a spacious meeting and event area: furthermore there will be a rooftop terrace on the fourth upper floor able to handle occasions for up to 200 people, as well as the “Global Forum” event and conference hall, which can accommodate up to 500 people. An integrated business club, with a connected café/bistro that serves as a central point for all clients (but which is also open to external guests) rounds off the range of facilities.

As already announced:
GEG German Estate Group AG, Frankfurt, started construction work on its Global Tower project, the former Commerzbank high-rise at Neue Mainzer Strasse 32 ¬36 in Frankfurt, in mid-2018. The conversion will create state-of-the-art office space here. As construction progresses, the interior of the classic building will initially be gutted. At the turn of the year 2018/19, the gradual dismantling of the façade will begin and the structural work will begin. The building is to be completed by 2020. The total investment volume will be around EUR 340 million.

Global Tower will offer a total of more than 33,000 sqm in rental space over 30 floors. An impressive 9m-high New York-style lobby will be accessible from both Neue Mainzer Strasse and Grosse Gallusstrasse. The ground floor will accommodate restaurant and other food outlets, event areas and retail space. The three upper floors of the base building will host up to 2,440 sqm in rental space. A rooftop terrace will be found on the fourth floor. Standard floors will offer up to 1,000 sqm in rental space each. From a skyline terrace on its 25th floor, Global Tower will grant a breathtaking view of the city.

GEG will re-position the iconic building based on plans by the architects of msm meyer schmitz-morkramer and provide for flexible office layouts with first-class and modern facilities for multi-tenant use. The façade is listed and will be completely redone. For interior design, the architects of msm have joined forces with the renowned Frankfurt-based interior architect Oana-Erica Rosen. In implementing the latest sustainability standards, GEG is striving to have the former administration building certified as a green building at the Platinum level.

The building, commissioned by Commerzbank, was erected in 1974 and was one of the first skyscrapers in Frankfurt/Main. Famed for its timeless architecture, it has since been listed due to its historical importance. The edifice was built in International style following plans from the architect Richard Heil. Its most central design elements, such as monochromatic colours, cubic forms and windows in horizontal bands, pay tribute to skyscraper classics such as the Seagram Building in New York, designed by Mies van der Rohe, or the Toronto–Dominion Centre and will continue to play a significant role in the tower's redesign.

About GEG German Estate Group AG
Based in Frankfurt/Main, GEG German Estate Group AG maintains one of the leading German investment and asset management platforms for commercial real estate. Its investment focus and policy are concentrated on three segments: Institutional Business, Opportunistic Investments, and Project Development. Since its establishment in 2015, and within the framework of this clearly-defined strategy, GEG has consistently pursued opportunities to build an extensive and diversified real estate portfolio, comprising some €2.8 billion in assets under management. Besides landmark properties such as the IBC Campus, luxury hotel Villa Kennedy and the Japan Centre in Frankfurt/Main, the portfolio comprises the Sapporo Circle in Munich, as well as developments such as the MainTor city quarter, the Global Tower and the RIVERPARK Tower in Frankfurt, along with the Opera Offices in Hamburg and the "Junges Quartier Obersendling" development in Munich. The long-standing track record and outstanding reputation of senior management, together with a highly qualified and experienced team, provide the foundation for a leading market position. The two shareholders of GEG German Estate Group AG are the listed TTL-Group as well as KKR Kohlberg Kravis & Roberts, a leading global investment house with exposure to asset classes such as private equity, infrastructure, as well as real estate. Ulrich Höller is Chairman of GEG's Management Board.

More detailed information about GEG is available on www.geg.de.

About Spaces:
Spaces is a subsidiary of the IWG (International Workspace Group) and offers flexible workplace solutions as well as a creative and international working environment in the spirit of modern companies.

The focus is not only on the business model, but also on the developers, ideas and implementers behind it. Technological progress has created a modern and dynamic economy that would not be possible without creative and motivated protagonists. The Spaces Work Solutions give this spirit the perfect space to unfold through their love of design, effectiveness, paired with culinary delights in the form of their own barista service.

Spaces offers its business members a large network of events all over the world, promoting possible synergies with potential business partners as well as creative and innovative output.

Whether for start-ups, individual creative minds or employees, Spaces delivers more than just a Laptop power outlet. What makes Spaces unique is the community working behind and in the business centers around the world to cultivate them and create a platform for innovators and game changers to change the world. Spaces has locations in Europe, the USA, Latin America, Australia and Asia.

For more information, please visit: www.spacesworks.com

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