Tishman Speyer Completes Sale of Major Frankfurt Office Tower

The 42-story, 720,000-square-foot tower anchors Frankfurt’s financial district and is over 95 percent leased, serving world-class tenants such as UBS AG, Allen & Overy LLP, Ashurst LLP, K&L Gates LLP, BlackRock, 3i and Cerberus

PRLog (Press Release)Dec 20, 2010 – Frankfurt, Germany – Leading global real estate development and investment firm Tishman Speyer recently announced the sale of the OpernTurm, a new landmark office tower in downtown Frankfurt that it completed in 2009.  The sale, on behalf of the firm’s partnership with UBS, marks the completion of a high-profile development project brought to the market and successfully leased during extremely difficult economic conditions.

After acquiring the site that formerly had been the local headquarters for Zurich Financial in 2004, Tishman Speyer (http://www.tishmanspeyer.com/properties/Country.aspx?id=8) began construction of the building in 2006.  Today, the 42-story, 720,000-square-foot tower anchors Frankfurt’s financial district and is over 95 percent leased, serving world-class tenants such as UBS AG, Allen & Overy LLP, Ashurst LLP, K&L Gates LLP, BlackRock, 3i and Cerberus.

“This sale completes our successful Opernturm investment, and we are pleased to see this great building pass into the hands of prominent international investors JP Morgan and GIC,” said Tishman Speyer Co-CEOs Jerry Speyer and Rob Speyer (http://www.tishmanspeyer.com/about/team.aspx).  “It marks another chapter of Tishman Speyer’s successful history in the Frankfurt office market, which began over 20 years ago with the development of MesseTurm.  As Frankfurt is such an important European financial center, we look forward to continued engagement there.”

About Tishman Speyer

Tishman Speyer (http://tishmanspeyer.wordpress.com) 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.

Tishman Speyer Acquires Cap de Seine Building in Paris

Cap de Seine is located on the Seine river bank in Ivry-sur-Seine, a southeastern inner suburb of Paris, and marks the continued growth of Tishman Speyer’s Paris portfolio

PRLog (Press Release)Dec 20, 2010 – New York, NY  – Tishman Speyer recently announced the acquisition of the Cap De Seine Building in Paris, thereby expanding its European portfolio and presence in Paris. The 327,000 square foot building, which was completed in 2004, is located on the Seine river bank in Ivry-sur-Seine, a southeastern inner suburb of Paris.  The off-market transaction is Tishman Speyer’s second acquisition in Paris this year.

The Cap De Seine property holds a solid tenant base that includes financial firms Credit Foncier de France and Stanley Solutions de Securite, healthcare companies PPD France and the French health insurance office, and IT solutions company AGFA.

Tishman Speyer Senior Managing Director Michael Spies said, “Cap de Seine occupies a great location along the Seine in Ivry-sure-Seine, an emerging submarket that is poised to benefit from tightening space availability in the city’s central business district.  The acquisition marks the continued growth of our Paris portfolio (http://www.tishmanspeyer.com/properties/Municipality.asp …), which now exceeds 3.5 million square feet, within a European portfolio exceeding 8.5 million square feet.  And as our Paris portfolio grows, we continue to look at other European cities for additional opportunities that may arise.”

About Tishman Speyer

Tishman Speyer (http://www.tishmanspeyer.com) 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.