FRANKFORT-US property group Tishman Speyer has placed the Opera Tower in Frankfurt up for sale again, according to industry sources. The 551-foot-tall office property located next to the Old Opera House in Germany’s financial centre, is being offered for about $680 million.

Sources at the Handelsblatt Real Estate conference in Berlin said better demand in the German market means that it should be able to be sold, at over $620m.

The property, in which senior tenant is Swiss Bank UBS has taken 333,681 square feet, around 50% of total floor space, was completed last year and is around 85% let in total. It is one of the prime office assets in Germany, and was originally offered for sale in 2008 by Tishman as developer in 2008 for a price said to have been around $555 million. The deal was hit by the global financial crisis and the buyer, independent Munich fund manager Kanam, pulled out, diverting a similar large investment into a large retail-mixed development in Moscow.

“Business is picking up quite well this year, and I think it will be sold this time,” Marcus Lemli said. Because of its character as a trophy asset, and the high price tag, it is probably more suitable to a large international institution than a German buyer. Tishman also developed the Sony Center in Berlin’s Potsdamer Platz, where Morgan Stanley Real Estate Funds is said nearing close on is sale to the Korean National Pension Fund.

Allan Saundersonis a managing editor of Property Investor Europe and a contributor to

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