Patron Capital and Sonar Real Estate have acquired Prisma, an office building at Hahnstrasse 55 in Frankfurt, Germany, from Commerz Real for an undisclosed sum.
Sonar will be responsible for the asset management and proposed repositioning of the building, which was built in 2001 and is currently vacant.
Following design and planning phases, the 457,000 sq ft (42,450 sq m) space will be comprehensively renovated with a focus on sustainability and air quality through technical upgrades, including a new HVAC system, Sonar said.
The ground-floor areas, including an impressive lobby with glazed atrium, will become public spaces, incorporating F&B and fitness amenities to reflect the ongoing transformation of Frankfurt’s Lyoner Quartier district from an area that was once purely an office location into a vibrant mixed-use destination.
Christoph Ignaczak, Senior Partner at Patron Capital, said: “This project represents an exciting opportunity to create a state-of-the-art, attractive office property as well as a vibrant destination within a part of Frankfurt that has seen significant development and diversification in recent years. We are pleased to be working with Sonar to implement an ESG-focused management strategy from day one, and are confident that our concept will be well received by future tenants.”
Holger Hosang, Managing Partner of Sonar Real Estate, said: “Observing and implementing ESG criteria in development and refurbishment projects has become part of our corporate philosophy. Through our in-house expertise, we focus not only on environmental aspects, but also on the social impact of our projects. Given its striking architecture and significant size, Prisma is a particularly exciting project in an excellent micro-location within the Lyoner Quartier. Our aim will be to preserve the property’s landmark status for future tenants, while developing it into a modern and ESG-compliant building.”
Patron Capital and Sonar received legal advice from Ashurst LLP, tax advice from Noerr and technical advice from Witte Projektmanagement. The vendor was represented by Colliers as exclusive sell-side advisor and received legal advice from Taylor Wessing.
HSBC provided debt financing for the purchase; Patron received debt advice from Laurus Property Partners and a valuation report for this purpose was carried out by BNP Paribas Real Estate.