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LaSalle acquires office building Morrow in Frankfurt’s Westend on behalf of LaSalle E-REGI

MUNICH (January 17, 2020) — LaSalle Investment Management (“LaSalle”), the global real estate investment manager, has announced the acquisition of the prime office building Morrow in Frankfurt’s Westend. The purchase agreement has been signed on behalf of the LaSalle E-REGI fund (“the fund”), with closing in July 2020. LaSalle has acquired the asset from Projektentwicklung Oberlindau GmbH, a joint venture between Art-Invest Real Estate and Red Square.

Morrow, which is currently undergoing a core refurbishment that is scheduled for completion in July 2020, offers over 7,000 m² of lettable space across 11 floors. Its six terraces starting on the fourth floor, offering a unique view of the Frankfurt skyline, are a key feature of the building.

The property is located in Frankfurt’s Westend, one of the city’s most sought-after residential and business districts, in the immediate vicinity of Rothschild Park and the CBD, the centre of Germany’s financial services sector. Morrow has excellent public transport connections: Frankfurt Central Station is less than 10 minutes away by car and Frankfurt Airport less than 20 minutes.

Morrow is recognised by DGNB, the German Sustainable Building Council, as being developed to the highest possible sustainability standards and is set to receive a DGNB Platinum certificate as well as a WiredScore certificate.

Uwe Rempis, Fund Manager of the LaSalle E-REGI fund at LaSalle, said: “The acquisition of Morrow once again demonstrates the success of our forward-looking investment strategy. For the LaSalle E-REGI fund, we are focusing on logistics and, above all, on office investments in Germany’s top cities which offer the greatest potential for economic growth in the long term. This forward deal secures the fund a repositioned core property with attractive risk-adjusted return prospects for our investors.”
 
Andreas Wesner, Head of Acquisitions for Germany at LaSalle, added: “This is a promising acquisition for the LaSalle E-REGI fund in one of the most stable office markets in Europe. The vacancy rate in Frankfurt is at its lowest level in 20 years, while the development pipeline is limited. Brexit will further enhance the demand: global financial institutions and service providers will increasingly look for first-class office space outside of London. On this basis, we expect the overall demand to grow in the coming years and thus a secure long-term income stream for Morrow as well. The refurbishment will significantly improve the quality of the building and thereby increase its attractiveness for new tenants.”

Stephen von der Brüggen, Partner and Head of the Frankfurt office of Art-Invest Real Estate, said: “With its excellent location and high-quality development, Morrow will impress both the property’s tenants, which include McDermott and Andersen Tax & Legal, as well as investors. We are delighted to have found an excellent buyer for our property in LaSalle Investment Management and would like to thank them for the swift and smooth transaction.”

Gerald Tschörner, Managing Director of Red Square, commented: “The revitalisation will allow Morrow to be repositioned and bring the property back to life. The flexible floor plans and highest technological standards equip the building perfectly for tenants’ ever-changing needs. Morrow will be a place that offers its users a modern, innovative and sustainable workplace that promotes a healthy working atmosphere.”

LaSalle was advised on the acquisition by Linklaters (legal) und W+S Real Estate (technical). Art-Invest Real Estate and Red Square were advised by GSK Stockmann. The broker was CBRE. 

About LaSalle Investment Management 

LaSalle Investment Management is one of the world's leading real estate investment managers. On a global basis, LaSalle manages approximately $65 billion of assets in private and public real estate property and debt investments as of Q1 2020. LaSalle's diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments. For more information please visit http://www.lasalle.com, and LinkedIn.

NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.

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