LaSalle completes acquisition of office building ‘Morrow’ in Frankfurt’s Westend
MUNICH (February 19, 2021) — LaSalle announces that it has closed the acquisition of the prime office building Morrow in Frankfurt’s Westend. The original forward purchase agreement was signed on behalf of the LaSalle E-REGI fund (“the Fund”) in September 2019, with the intention of securing steady return prospects for our investors. LaSalle acquired the asset from Projektentwicklung Oberlindau GmbH, a joint venture between Art-Invest Real Estate and Red Square.
The property offers over 7,000 m² of lettable space across 11 floors including seven terraces offering a unique view of the Frankfurt skyline. It 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 also 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.
LaSalle was advised on the acquisition by Linklaters (legal) and BrandBerger / W+S Real Estate (technical). Art-Invest Real Estate and Red Square were advised by CBRE and GSK Stockmann.
About LaSalle Investment Management
LaSalle Investment Management is one of the world's leading real estate investment managers. On a global basis, LaSalle manages more than $69 billion of assets in private and public real estate property and debt investments as of Q3 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.
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