Fraport leases 5,000 sqm office space in Frankfurt Airport Center
Godewind has established a lease for 5,044 sqm office space at Frankfurt Airport Center (FAC) with an MDax company. As TD learned from market insiders, the party in question is airport operator Fraport. The lease starts on 1 October of this year and has an initial term of five years. Godewind had acquired the office complex, which is connected to Terminal 1 of Rhein-Main Airport, in late 2018 together with Erwe from Madison International Realty and Peakside Capital. The deal boosts the contracted annual net rent of the property by more than 13 % to about €11.5mn. The vacancy rate drops from 20 % at the beginning of the year to now 8.2 %. The average remaining lease term (WALT) is now 5.8 years.
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