Proceedings have been opened
The owner of the Trianon Tower in Frankfurt is bankrupt
12/13/2024Reading time: 2 minutes
The Trianon high-rise in Frankfurt am Main is in insolvency proceedings. Operations continue for the time being. But the future of the skyscraper is open.
The Frankfurt District Court has opened insolvency proceedings against the company that owns the Trianon office tower in Frankfurt am Main. Stephan Laubereau from Pluta Rechtsanwalts GmbH was appointed as insolvency administrator. This emerges from a message from Pluta.
“The opening of the proceedings is an important step. We are looking for a long-term, viable solution for the property company and are in close coordination with the creditors,” said Laubereau, according to the statement. The office tower will continue to operate without restrictions in order to protect the interests of tenants and creditors.
The operating costs are covered, which ensures the financial viability of the project for the time being, it goes on to say. “There is no time pressure because we want to achieve the best possible result,” said Laubereau.
The company had been in the so-called insolvency application process since June 2024 after it had to file for bankruptcy due to liquidity difficulties. Since then, numerous discussions have been held, the statement says. There is currently no buyer for the insolvent house.
With a height of 186 meters and 45 floors, the Trianon Tower is considered the ninth tallest building in Germany. It was completed in 1993. A striking feature is an upside-down pyramid on the roof of the skyscraper.
It was previously apparent that bankruptcy had occurred in June. It was said that the previous owners of the tower – two real estate funds from South Korea – would no longer service their loans.
In 2018, investors paid 670 million euros for the tower. In the spring, however, the high-rise was said to have only been offered for a third, writes “Wirtschaftswoche”. The reason lies in the condition of the building: it is getting old because too little has been invested.
In 2020, the Deka fund house announced that it would not extend a long-term rental agreement with the owner of the tower beyond 2024. In the fall, the institute moved out of the high-rise – after around 20 years.
The insolvency administration is currently examining options to upgrade the building and make better use of its potential. The insolvency administration hopes that the trend towards smaller office space in central locations could attract new tenants.
