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CapitaLand Integrated Commercial Trust and CapitaLand Investment, the joint owners of Gallileo building in Frankfurt, have secured the European Central Bank, as the new anchor tenant at Gallileo. Located in the banking district of Frankfurt am Main, Germany, Gallileo is a 38-storey Grade A office building that stands out as one of Frankfurt’s important commercial and cultural landmarks.
CapitaLand Integrated Commercial Trust Management Limited (CICTML), the manager of CapitaLand Integrated Commercial Trust (CICT or the Trust), and CapitaLand Investment Limited (CLI), the joint owners of Gallileo building in Frankfurt (jointly ‘CapitaLand’), announced that they have secured the European Central Bank (ECB), the central bank for the euro area, as the new anchor tenant at Gallileo. Gallileo is a 38-storey Grade A office building located in the banking district of Frankfurt am Main, Germany.
The ECB has signed a lease agreement with CapitaLand for a period of 10 years. The ECB will occupy close to 93% of the building’s total net lettable area. Starting from the second half of 2025, CapitaLand will progressively hand over the leased area to the ECB following the completion of the building’s ongoing asset enhancement initiatives (AEI).
Mr Tony Tan, Chief Executive Officer of CICTML, said: “We are delighted that the ECB has chosen to lease Gallileo. This addition to CICT’s portfolio of high quality and reputable tenants further strengthens the Trust’s income stability. The successful conclusion of this lease also serves as a testament of our efforts to transform Gallileo into a dynamic commercial development and an enduring financial and cultural landmark that will benefit Frankfurt and its residents. Envisioned as a modern workplace of the future, we are significantly enhancing the building’s value by refurbishing its infrastructure and internal layout to promote a collaborative and community-oriented environment. The new Gallileo will continue to contribute to the vibrancy of the city centre and solidify the international reputation of Frankfurt. "
Mr Tony Tan, CEO of CICTML
CapitaLand is committed to creating people-centric workspaces that meet the evolving needs of its tenants in support of their business activities. Its tailored solutions for tenants include forward-thinking design and technology to create a holistic workplace environment. Since February 2024, CapitaLand has started upgrading works at Gallileo to improve the building’s existing infrastructure. The AEI will take place in three phases with a primary focus on fulfilling the tenant’s building requirements. Additional efforts will be undertaken to improve the mechanical, electrical and building automation systems, making Gallileo more environmentally and operationally efficient. CapitaLand will be investing approximately €180 million[1] in this AEI. The anticipated duration for the completion of the AEI is estimated to take at least 18 months. With this AEI, CapitaLand targets for Gallileo to obtain a minimum green rating of LEED Gold, in line with its 2030 Sustainability Master Plan.
CapitaLand is also expected to soon conclude a lease agreement with the City of Frankfurt for the basement space in the Gallileo to be used by the English Theatre Frankfurt. With the ECB and the City of Frankfurt as tenants, the building’s committed occupancy is expected to exceed 95%.
About Gallileo
With its distinctive design and prominent location on Gallusanlage, the Gallileo is a 38-storey Grade A office building that is strategically positioned to house world-class organisations, with ancillary retail and a 4-storey heritage building. The Gallileo stands out as one of Frankfurt’s important commercial and cultural landmarks, given its strategic location in Frankfurt’s central business district. The property enjoys excellent access to major transport hubs including an underground station at Willy-Brandt-Platz, the Frankfurt Main Station and Frankfurt Main Airport. Gallileo has an estimated net lettable area of over 41,000 square metres (441,000 square feet).
CICT holds a 94.9% interest in Gallileo with the remaining interest held by CLI. The ECB is expected to become one of CICT’s top 10 tenants.
[1] The projected AEI cost is subject to adjustments based on the final scope of the works.
Release ID: 89124082
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