Figure for August: 1.4 billion euros

Allianz recently won the bid for the T1 office tower, currently under construction in Frankfurt's banking district, for €1.4 billion. It will be the tallest building in a new complex of four high-rises. According to project developer Groß & Partner, this was the highest deal ever achieved for a single building in Germany. The previous record was held by the Sony Center in Berlin, which was sold to the Canadian pension fund Oxford Properties in 2017 for €1.1 billion.

Construction of the new Four high-rise complex is just beginning at the construction site in downtown Frankfurt on the former Deutsche Bank grounds. Nevertheless, according to Allianz, two-thirds of the planned 75,000 square meters of office space in tower T1 are already leased. Despite the increased prevalence of working from home due to the coronavirus pandemic, the high demand for office space in Frankfurt's business district appears to be unaffected, given the limited supply for the foreseeable future. Record prices for office properties are therefore possible – regardless of all the uncertainties currently facing the office real estate market as a whole.

Allianz and the Bavarian Pension Fund (BVK) both participated in the purchase of Germany's most expensive skyscraper, each holding a 50 percent stake. However, Allianz alone will handle the management and leasing. In addition to offices, T1 will also house a coworking space, several restaurants, a supermarket, and a daycare center. With 54 floors and a height of 223 meters, the new office tower will not break any height records. Upon its planned completion at the end of 2024, it will be "only" the third tallest building in Frankfurt, still surpassed by the Commerzbank Tower (259 meters) and the Messeturm (256.5 meters).

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