Sonar Real Estate GmbH, an owner-managed real estate company in the areas of investment, asset management and development, acting as asset manager, has successfully negotiated a long-term extension of a lease in ‘THE SQUAIRE’.
The tenant, Atos Information Technology GmbH has extended its lease on a long-term basis. It will continue to occupy around 4,100 sq m of office space in the landmark property on Frankfurt Airport. Other tenants of the 660-metre-long, up to 65-metre-wide and 45-metre-high property include Hilton Hotels, KPMG, Michelin, Rewe, Artur D. Little and Porsche Consulting. The property is currently 85% let.
FPS Attorneys at Law provided legal support to the lessor in the negotiations. JLL advised the tenant on the lease extension.
Holger Hosang, Managing Partner at Sonar, comments: ” ‘THE SQUAIRE’ is one of the best-known commercial properties in Germany, providing a total lettable area of around 143,000 square metres, arranged over eleven floors. The transaction with Atos Information Technology to continue as a tenant underlines not only the high quality working environment provided by ‘THE SQUAIRE’ but also the value of such a prestige property for the businesses that are based in the magnificent building.
“We are currently undertaking an intensive process of optimising the tenant mix of the property that will expand the existing spectrum of cafes and restaurants, leisure facilities, retail space and offices. This will further increase the attractiveness of ‘THE SQUAIRE’ as a destination for business and leisure, and some related lease negotiations with potential tenants are already at an advanced stage.”
As part of the planned improvements, Sonar is looking to remodel the spacious atrium areas within “THE SQUAIRE”, in order to improve the ambience for occupiers and visitors. There are also plans to integrate new services for the companies occupying the property and to increase the number of e-charging points on the site.
“Our aim is to establish ‘THE SQUAIRE’ as a premier conference and seminar venue. The range of cultural events for Frankfurt residents and visitors will also increase significantly,” promises Holger Hosang.
Sonar Real Estate has been instructed by the owner, an internationally active investor, to carry out the operational asset management of “THE SQUAIRE”. The property is a very sophisticated micro-city within Frankfurt, integrating not just offices but also restaurants, cafés and food stores, as well as high-end shops. The property, connected by a walkway to Terminal 1 of Frankfurt Airport, is situated directly above an ICE high-speed train station and is located between the A3 motorway and the parallel B43 federal road, near to the Frankfurter Kreuz motorway intersection.
