(Frankfurt, Germany) - RFR Holding GmbH (RFR) and Revcap are joining together to revitalize the tower known as Hochhaus am Park in Frankfurt’s Westend district. The joint venture has now brought another partner, Hines, onto the project to develop a new 96-meter high-rise residential scheme.
Hochhaus am Park, which is to be renamed 160 Park View, will transform the existing obsolete office block into twin towers, accommodating approximately 130 apartments, a 150-bedroom hotel and a public day care center.
RFR and Hines already have shared project experience in joint ventures in New York. RFR remains responsible for commercial project development in the joint project, while Hines will look after the technical aspects.
“With Hines, we have obtained an internationally renowned and experienced investor and developer for 160 Park View. This underscores the attractiveness of the project. At the same time, we are remaining true to our policy of realising development projects in joint ventures with select partners,” explains RFR Representative Dr Alexander Koblischek.
Daniel Reichwein, Managing Director of Hines said: “We are looking forward to bringing our expertise and experience to this exciting project, and are pleased to have the opportunity to continue our relationship with playing an important role in a high quality project, which is the focus of our corporate strategy.”
Planning permission for the project is expected in the second quarter of this year. Demolition work is set to begin in the next few weeks.
160 Park View is in direct proximity to Goethe University Frankfurt between Fürstenbergerstrasse, Grüneburgweg and Wolfsgangstrasse.
About RFR Holding GmbH
RFR Holding GmbH is owned by the RFR Group, whose principals – real estate investors Aby Rosen and Michael Fuchs – both have German roots. The last 25 years have seen RFR build a unique portfolio of properties in the US. Architectural icons, such as New York’s Seagram Building by Mies van der Rohe or the celebrated Lever House by Skidmore, Owings & Merrill, are complemented by contemporary office and retail buildings, luxury condominiums and themed hotels at prime locations. The RFR Group currently oversees some USD 12 billion worth of real estate assets worldwide. Headquartered in Frankfurt/Main, RFR Management GmbH is responsible for the property and asset management of the RFR Group’s entire German real estate portfolio.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 189 cities in 20 countries. Hines has approximately $96.5 billion of assets under management, including $48.5 billion for which Hines provides fiduciary investment management services, and $48 billion for which Hines provides third-party property-level services. The firm has 114 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,206 properties, totaling over 390 million square feet. The firm’s current property and asset management portfolio includes 533 properties, representing over 213 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.