PORTFOLIO: FUND II
25,000 sm modern office building in Frankfurt rescued from distress
In June 2011 ASG’s Fund II acquired the ‘AOC’ office building located in Frankfurt’s growing East End. Constructed in 2004, the building was under-managed and over-leveraged. These dynamics combined with ASG’s ability to complete an all-cash transaction created the basis for a positive transaction for both seller and Fund II. The asset was subsequently financed well ahead of schedule at a favorable rate and proceeds were returned to investors.
Within the first six months of ownership, ASG signed five new leases with higher-than-expected rents. Currently both the lease up pace and rental levels are exceeding the original expectations. In addition, this asset was financed well ahead of schedule at a favorable rate and proceeds were returned to investors.