FRANKFURT, GERMANY-A partnership of UBS and Tishman Speyer has sold the 720,000-square-foot OpernTurm office tower to a venture of JP Morgan and the Government of Singapore Investment Corp. The 42-story tower fetched an undisclosed sum.
The building site had been the local headquarters for Zurich Financial in 2004. Tishman built the new tower in 2006, and it is more than 95% leased, said the company in a statement. Current tenants include UBS AG, Allen & Overy LLP, Ashurst LLP, BlackRock and Cerberus.
Mike Spies, who heads the European operation for Tishman, tells GlobeSt.com that the building was built for just such a sale. “This will provide a good return for our investors,” Spies says.
The company also recently acquired the Cap De Seine building in Paris, also for an undisclosed amount. The 327,000-square-foot building, completed in 2004, is on the Seine River. Tenants include Credit Foncier de France, Stanley Solutions de Securite, PPD France and AGFA.
The market along the Seine River is poised to benefit from tightening space availability in the city’s CBD. “The acquisition marks the continued growth of our Paris portfolio, which now exceeds 3.5 million square feet, within a European portfolio exceeding 8.5 million square feet,” Spies says. “And as our Paris portfolio grows, we continue to look at other European cities for additional opportunities that may arise.”
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