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Frankfurt: Becken Development buys residential tower development in Stiftstrasse

Hamburg-based Becken Development GmbH has acquired the project site at Stiftstrasse 23-27 in Frankfurt. Construction work is scheduled to start in mid-2017. CORPUS SIREO Asset Management Commercial GmbH represented the seller and exclusively commissioned Savills Immobilien Beratungs-GmbH with the marketing. The parties have agreed not to disclose the purchase price.

Becken Development GmbH, based in Hamburg, is the buyer of the approximately 5,800 square meter site and will realize around 52,000 square meters of gross floor space above ground in three 40, 50 and 80 meter high residential towers. The total investment in the residential tower development amounts to around 200 million euros. The majority of the space will be residential, with plans to build condominiums and rental apartments. There will also be retail space, restaurants and a daycare center.

Becken Development is now starting planning for the project development, with demolition and construction due to begin in mid-2017. The construction work should be completed in 2019.

The buyer received legal advice from the law firm Wiegel Ihde Ekrutt + Partner.

Stefan Spilker, Managing Director of Becken Development GmbH: "We have been successfully active as a project developer in the residential and commercial sectors in Hamburg and Berlin since the 1990s. With this project in Stiftstrasse, we also want to demonstrate our expertise on the Frankfurt market."