Commerzbank, the second-largest lender in Germany, has signed a 15-year rental contract for a new high-rise office in Frankfurt. This initiative aims to consolidate their staff currently spread across Frankfurt alongside its main headquarters in the city center. The building, where Commerzbank will be the exclusive tenant, will encompass 73,000 square meters over 52 floors, accommodating 3,200 workspaces when construction concludes by the end of 2028.
Last week, the bank unveiled plans to cut 3,900 jobs mostly in Germany to meet more ambitious profit goals as it navigates a takeover bid from Italy's UniCredit. Commerzbank is striving to maintain its independence amidst the UniCredit offer, which has sparked discussions about the potential location of the combined entity's primary base of operations in Germany.
State lender Helaba, a significant real estate investor, will serve as Commerzbank's new landlord. This agreement is positive news for the oversupplied office market in the country, impacted by remote work policies following the COVID-19 pandemic. Presently, Commerzbank employs over 7,000 individuals in the Frankfurt region, with its current headquarters located in Frankfurt's tallest building, housing approximately 2,800 employees. UniCredit's German operations are centered in Munich, in contrast to Commerzbank's longstanding presence in Frankfurt, Germany's financial hub.