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Allan Saunderson is managing editor of Property Finance Europe and a contributor to GlobeSt.com.

FRANKFURT-International legal practice Allen & Overy have signed a long-term lease to take over about 87,000 square feet of floor space in the Frankfurt Opera Tower, developed and owned by US-based Tishman Speyer. The law firm will move into the Podium building immediately adjacent to tower and part of the development opposite the Old Opera House in downtown Frankfurt.

The deal, advised by Atisreal, is one of the largest agreements signed in Frankfurt this year and brings the Opera Tower’s pre-letting up to 75%, six months before the building’s completion. Markus Wiedenmann, Co-Head of Tishman Speyer in Germany, said this marks a positive sign for the Frankfurt real estate market. “This lease proves that high quality prospers, even in difficult financial markets such as these,” he said.

Senior Allen & Overy Partner Cornelius Fischer-Zernin commented: “It was especially important to our employees that, following our exponential expansion over the last years, we find office space in a building that could be filled exclusively by Allen & Overy, a first in our law firm’s Frankfurt-based history.”

The 170-meter tower offers 710,424 square feet of rental space and is to be completed next winter. It will be certified according to the LEED-Gold Green Building Rating System – one of the first office skyscraper developments of this kind in Europe. Anchor tenant is UBS Deutschland, with Ashurst, Morgan Lewis & Bockius and Excellent Business Centers also taking space. The tower, designed by Frankfurt-based architect Christoph Mäckler.

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