Tishman Speyer debuts European core office fund with German buy

The New York – based global developer and real estate investment fund manager is buying a downtown building in Munich.

Tishman Speyer has purchased downtown office building Karlshofe in Munich’s Konigslatz and Lenbach area for its Tishman Speyer European Core Fund.

The firm, whose European operation is headed up by Michael Spies and Eric Adler, said in a statement it is the first acquisition for the open-ended fund.

The property is 81 percent leased on long term leases. Vendor, Bayerische Bau und Imnmobilien Gruppe developed the 11,600- square-meter asset in 2005. The transaction price has not been revealed.

Tishman Speyer, which owns New York’s Chrsyler Building and the Rockefeller Center, is targeting office properties in major European cities for its core open-ended fund.

The firm also manages a value added fund, Tishman Speyer's Real Estate Venture VI, which closed in January 2006 on $1.1 billion of commitments.