Deals

Tishman Speyer, UBS sell landmark German tower

The OpernTurm building in Frankfurt is not yet complete, but German fund manager KanAm has agreed to buy the tower at a time when the German economy might be about to shrink. The parties to the deal have agreed to keep the price under wraps.

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Tishman Speyer and UBS Real Estate Finance have agreed to sell their OpernTurm office building in Frankfurt Germany to German open ended fund manager, KanAm grundinvest Fonds, for an undislosed price.

The 67,000 square meter office is situated between the banking district and ‘Westend’ of Frankfurt and is 168 meters high.

The agreement comes 16 months before the scheduled date of completion in December 2009. However, more than 50 percent of the rental area has already been leased, according to Tishman.

The main tenant is UBS Deutschland AG, a subsidiary of UBS, which is moving into the building as its German headquarters. Lawfirm Morgan Lewis is also taking space in the building to establish its presence in the country.