HauckSchuchardt Advises German Estate Group (GEG) on the biggest Co-Working Rental Contract in Frankfurt so far in 2018
HauckSchuchardt has represented the German Estate Group (GEG) in all legal matters in the rental of its “Global Tower” project. According to information provided by the GEG, the rental contract involves the biggest co-working rental contract in Frankfurt so far this year.
The new tenant is Spaces, an associate company of Regus and part of the listed IWG-Group. Spaces is renting almost a third of the rental area of “Global Towers”. The building involves the former Commerzbank high-rise in the Neue Mainzer Straße 32-36. The refurbishment for the Global Tower, after which 33,000 m² rental area will be available across 30 floors, began recently and it is planned that this will be completed in 2020.
Spaces will move into 9,170 m² in the high-rise in autumn 2020. The co-working provider is planning to offer 700 flexible workspaces and use the “Global Forum” conference room which has space for up to 500 people. In addition, a rooftop terrace will also be built on the fourth floor which offers space for 200 people although this is not part of the rental area.
The total investment volume is, meanwhile, 340 million euros – it was previously 270 million euros.
In the transaction the lessor was advised in legal matters by lawyer and partner at HauckSchuchardt, Jörg Dombrowski (tenancy law).