Third consecutive off-market deal in 2019
Largest single transaction to date for NAS Invest
BNP Paribas to locate German headquarters at the site
Around 60 percent pre-let on a long-term basis
Frankfurt/Main, 18.12.2019. NAS Invest has acquired the landmark project 99 West in Frankfurt from BNP Paribas Real Estate Property Development, its first office scheme in Germany.The anticipated total investment volume amounts to 265m EUR.
The project in Robert-Mayer-Strasse is part of the Kulturkampus urban quarter development around the well-known Senckenberg area. Next to 99 West, the 140 West residential and hotel tower, the 21 West office building and Frankfurt’s largest kindergarten are under construction. After completion, up to 2,500 people will live and work in the modern urban quarter.
99 West offers around 27,000 square meters of rental space with modern, high-quality office space concepts. Together with the striking façade designed by renowned architect Cyrus Moser, the project is set to meet the great demand for high-quality office space in Frankfurt. The first lease has already been signed: BNP Paribas S.A. will move into the lower thirteen floors with its German headquarters. This means that around 60 percent of the tower has already been pre-let. A gastronomic offer is planned for the ground floor. Completion of the 106-meter tower with 27 floors and BREEAM certification is scheduled for the end of 2021.
NAS Invest was advised by the law firm Gleiss Lutz on legal, tax and financing issues during the transaction. ARCADIS was responsible for the technical advice. BNP Paribas Real Estate Property Development was advised by Taylor Wessing for legal matters, Clifford Chance on tax issues, and BNP Paribas Real Estate Germany’s capital market team on the transaction. The debt financing was arranged by Natixis Pfandbriefbank AG, which was in turn advised by Goodwin Procter LLP.