SINGAPORE: CapitaLand secures European Central Bank (ECB) as new anchor tenant at Gallileo building in Frankfurt. This Grade A office tower, standing tall with 38 storeys in Frankfurt’s bustling banking district, will now serve as the home for ECB.
Singapore Business Review reported that the ECB will occupy almost 93% of the building’s space under a 10-year lease agreement starting in the second half of 2025.
Mr Tony Tan, Chief Executive Officer of CICTML, stated:
“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,” he added.
This handover follows the completion of ongoing asset enhancement initiatives (AEI), which began in February last year.
These enhancements, costing approximately €180 million (S$262 million), aim to upgrade infrastructure, systems, and environmental efficiency.
The AEI is estimated to take at least 18 months to complete. It aims to achieve a minimum green rating of LEED Gold, in alignment with CapitaLand’s 2030 Sustainability Master Plan.
CapitaLand is also in the final stages of securing a lease agreement with the City of Frankfurt for the use of the basement space, which will house the English Theatre Frankfurt.
With the ECB and the City of Frankfurt as key tenants, Gallileo is poised to achieve an occupancy rate exceeding 95%. /TISG
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