Airrail tenants profit from political decision
22.07.2009
The black-green coalition in Frankfurt’s city hall has set the political course for further development of the Airrail Center at the Frankfurt airport. At a press conference organised by the city, Markus Frank (CDU), head of Frankfurt’s Economics Department, spoke of “one of the world’s most competitive commercial properties.” The coalition fractions had agreed with the municipal authorities to send the right signals in one of the most easily accessible locations in the world to permanently strengthen the region as a centre of commerce and industry. Green fraction head Olaf Cunitz pointed to the extreme competition among European metropolises to attract industry and create jobs. Against this background, accomplished facts were called for, he said.
At their press conference, the two policy-makers announced that the developers of the Airrail Center – IVG Immobilien AG, Bonn and Fraport AG – had permission to build the longest commercial property in the country, measuring 660 meters, in front of the “Westspitze”, a parking garage with space for up to 2,500 vehicles on nine levels. A bridge (skylink) will connect it directly with the Airrail Center. “However, the amount of parking space offered must make sense in terms of the Airrail Center,” Cunitz said. The political decision was linked to the establishment of companies offering new jobs and the expected public traffic in the Airrail Center. When completed next spring, more than 10,000 people are expected daily in the Airrail Center – up to 7,000 employees and 3,000 to 4,000 visitors.
The Airrail Center – built on the roof of the ICE mainline railway station at Frankfurt Airport – will enable tenants and their guests to leave their offices and in just a few minutes reach the check-in counter at Frankfurt airport, the mainline or regional railway stations or by car the largest motorway intersection in Europe. IVG and Fraport had repeatedly emphasised that potential large tenants had said they would only set up business there if there was sufficient parking space for their employees. The new parking garage was a requirement for enduring success. At their press conference, Frank and Cunitz stated that a rapid decision was supposed to be made through the permit procedure for the new parking garage (possibly according to Section 34a of the German Building Code). Both were pleased that IVG had offered appropriate compensatory measures for sealing the spaces.
The new parking garage has all the features of an environment-friendly building, with a green roof, environmentally compatible rainwater disposal and innovations for standing traffic. The Airrail Center itself has 600 parking spaces; another 800 are located in Fraport parking garages.
IVG welcomes the political course for the enduring success of the Airrail Center. Already at the topping-off ceremony some weeks ago, IVG announced that some 70 percent of the space had been let, including 36,000 sq. m. to KPMG, auditing and tax advisory company which plans to concentrate its Frankfurt-based employees and set up its European headquarters there. An almost equally large area is foreseen for two Hilton hotels. Space for a medical center has also been assigned. Almost 80% of the retail shops and the areas for restaurants and coffee bars covering just under 6,000 sq.m. – along the glass-covered and greened-roofs of the atria – have already been let. Altogether 50,000 sq.m. are still available for offices.
IVG Immobilien AG
IVG Immobilien AG is one of Europe’s largest real estate companies. The Company focuses on properties and caverns. Through its network of branches in selected major German and European cities with around 700 employees, IVG currently manages its own properties with a market value of €6.1 billion, as well as specialised funds and mandates for institutional investors with a volume of €12.0 billion and closed-end funds with a volume of €3.3 billion. In total, IVG manages assets worth more than €22 billion.
Press contact
Jens Friedemann
Tel.: 0228 / 844-133
Fax: 0228 / 844-338
E-mail: info@ivg.de
