FRANKFURT – Hines, a global real estate investment, development and property manager, is launching a far-reaching redevelopment at Frankfurt's Zeil 121, as development and asset manager on behalf of the owner, to transform the single-tenant building into a modern mixed-use concept, spanning 10,000 square meters.
The currently vacant building, and former Esprit flagship store, near Hauptwache was constructed in 1998 and intends to undergo significant renovation to deliver both retail and office space in the heart of the financial metropolis. The plans are currently being drawn up, together with the architectural firm Holger Meyer, with the aim of submitting the building application at the end of this year.
Some of the anticipated features include the former retail space to be transformed into unique office spaces with loft-like heights of over 3.50 meters, each rental unit intends to contain its own conservatory as an outdoor space, and approximately 700 square meters of outside roof terrace space is planned for communal teamwork by those working in the offices. The project aims to focus on ESG with a wood hybrid construction, the original features retained where possible, and is expected to meet the latest energy efficiency standards.
Furthermore, the innovative "no ordinary store" interim use concept is already bringing the site back to life making effective use of the current vacancy. Various local retailers are joining the space to enrich the Zeil for those who visit and the local community, drawing inspiration from the example of "Lulu" in Mainz.
Daniel Reichwein, managing director at Hines in Germany, says: "It's rare to find a more central and vibrant location than the Zeil. In a post-covid working world with new and dynamic ways of working, we firmly believe that employees want a great location, fantastic amenity provision, and quality office space as an alternative to home offices. We will do our part to establish the Zeil as an attractive office location characterized by its ideal infrastructure as well as its extensive gastronomic and cultural offerings. The planned transformation into modern office space with a clear focus on ESG is the logical step towards a commercially sustainable repositioning of the portfolio."
Hines is a global real estate investment, development and property manager. The firm was founded by Gerald D. Hines in 1957 and now operates in 30 countries. We manage nearly $96B1 in high-performing assets across residential, logistics, retail, office, and mixed-use strategies. Our local teams serve 685 properties totaling nearly 216 million square feet globally. We are committed to a net zero carbon target by 2040 without buying offsets. To learn more about Hines, visit www.hines.com and follow @Hines on social media.
¹Includes both the global Hines organization and RIA AUM as of December 31, 2022.