Tishman Speyer, the global developer-turned-fund manager, has revealed plans for another skyscraper officer project in Frankfurt, Germany.
The New York firm said it would join forces with German property company, Commerz Real, on the 40 storey TaunusTurm, to deliver 650,000 square feet in the city’s financial centre.
The news comes just a month after the firm announced it had sold its landmark Frankfurt high-rise office, the OpernTurm, to a core fund managed by JP Morgan Asset Management and the Government of Singapore Investment Corporation (GIC).
“This (latest) project reflects our strong confidence in the investment potential of the Frankfurt market and this outstanding location,” Jerry Speyer and Rob Speyer, Tishman Speyer’s co-chief executive officers, said in a statement.
Tishman Speyer holds 13 real estate investments in five German cities but its highest profile development was the OpernTurm.
It completed that 42-storey project at the end of 2009 and attracted multiple tenants including law firm Allen & Overy as well as UBS, which was co-owner of the building before it was sold.
During a Germany Roundtable discussion published in the December issue of PERE magazine, Tishman Speyer’s managing director of capital markets, Matthias Hünlein, said the building had a price tag of €500 to €600 million.