DekaBank has sold its high-rise Tiranon building in Frankfurt to Morgan Stanley Eurozone Office Fund in one of the largest transactions in the German market

The US fund is thought to have paid around €620m (£420m) for the Tiranon complex, which comprises a 186 metre office tower and a mix of residential buildings and restaurants.

DekaBank will continue to use the office tower as its headquarters where it occupies 44 floors.

Franz Waas, chairman of DekaBank’s board of management, said the sale would expand its scope for continued growth in its core asset management business. It has already sold its Skyper and Alkmene office buildings in Frankfurt.

The Morgan Stanley core fund has buildings in France, Italy, Spain, Belgium, Luxembourg, the Netherlands and Germany.

Atisreal advised DekaBank.