FRANKFURT-A joint venture of Tishman Speyer and Commerz Real AG announced a plan Friday to develop a 40-story office tower here. The TaunusTurm tower will be 650,000 square feet, and located on the Wallanlage park running through the financial district.

Architects Gruber + Klein-Kraneburg Architekten and Jean-Paul Viguier are designing the tower. It’s not clear that any tenant is being considered at this time. Tishman Chairman and co-CEO Jerry Speyer said the city has a great demand for office space. “This project reflects our strong confidence in the investment potential of the Frankfurt market and this outstanding location,” he said in a statement. He said the city is considered the most forward-looking in Germany.

Tishman is fresh from selling the sister tower to this project, the 720,000-square-foot Opernturm, with partner UBS, to a joint venture of JP Morgan and the Government of Singapore Investment Corp. in December for an undisclosed amount. The building, completed in 2009, was 95% leased at the time of sale.

Tishman had also developed the 60-story MesseTurm office tower in 1988 when it entered the Frankfurt market. The company has since developed or refurbished more than $5.4 billion worth of property in the six major German cities. The company holds 13 real estate investments in five cities across the country.