FRANKFURT, Germany--(BUSINESS WIRE)--Leading global real estate development and investment firm Tishman Speyer today announced plans to develop another major office property in Frankfurt, Germany. The announcement of “TaunusTurm,” a joint venture with Commerz Real AG, follows soon after the sale of the OpernTurm, the landmark Frankfurt office tower completed by Tishman Speyer in 2009.
Designed by architects Gruber + Klein-Kraneburg Architekten and Jean-Paul Viguier, the new 40-story, 650,000-square-foot tower will be located on the Wallanlage, a park running through the center of the Frankfurt financial district, and in close proximity to the Commerbank and Helaba headquarters buildings. TaunusTurm will be constructed with the intention of qualifying for LEED Gold certification.
This project underscores Tishman Speyer’s continuing prominence as a commercial property investor in Frankfurt, where it began its European activities in 1988 with the development of the 60-story MesseTurm, which at the time became Europe’s tallest office tower and an iconic symbol for the city. In the intervening years, Tishman Speyer has developed or refurbished over €4 billion worth of property in the six major German cities. Tishman Speyer currently holds 13 real estate investments in five German cities.
Today’s project announcement was made at an onsite event hosted by Tishman Speyer Chairman and Co-CEO Jerry Speyer, along with Commerz Real AG Board Member Hans-Joachim Kuhl and Frankfurt Mayor Dr. h.c. Petra Roth. Mr. Speyer said that the recent success of OpernTurm, which was more than 95 percent leased at the time it was sold in December 2010, has demonstrated that highly flexible, efficient and sustainable space is in great demand.
“This project reflects our strong confidence in the investment potential of the Frankfurt market and this outstanding location,” said Tishman Speyer co-CEOs Jerry Speyer and Rob Speyer. “Frankfurt is not only an international financial capital; it has been called the most forward-looking city in Germany. We are proud to be able to help shape its future contours and look forward to a continued presence here.”
“TaunusTurm, along with MesseTurm and OpernTurm, completes a development trilogy that Tishman Speyer is proud to have shepherded in Frankfurt,” said Michael Spies, Tishman Speyer Senior Managing Director for Europe. “When completed, TaunusTurm will provide an efficient, flexible and sustainable office environment, befitting this world-class city.”
About Tishman Speyer (www.tishmanspeyer.com)
Tishman Speyer is one of the leading developers, owners, operators, and asset managers of first class real estate worldwide. Active across North America, Europe, South America, and Asia, many of the world’s most prestigious corporations rely on Tishman Speyer to meet their office space needs. Since its founding in 1978, the firm has acquired, developed and/ or managed a portfolio of over 116 million sq. ft. valued at over USD $50.2 billion. Signature assets include New York’s Rockefeller Center and the Chrysler Center, Frankfurt’s MesseTurm and OpernTurm, Sao Paulo’s Torre Norte, and Ventura Corporate Towers in Rio de Janeiro. Tishman Speyer has projects in different stages of development in Shanghai, Chengdu and Tianjin.