Capital Bay has acquired a 14,000 sqm office property in Frankfurt’s Niederrad district. The seller was a global investment manager for alternative investments. The exact purchase price was not disclosed. “The building has a higher vacancy rate but is in very good condition. Niederrad is also an excellent office location with a great potential for comeback,” said Ralph Ziegler, managing director of Capital Bay Transaction Management GmbH. “In the long-term, however, we could also imagine a change of use to residential.” Niederrad has been evolving from purely an office location with around 25,000 workers into a mixed residential and office district. Legal advice was provided to Capital Bay by Jung & Schleicher.
