Both of these transactions are consistent with our company-wide portfolio strategy.
Paris, France and Frankfurt, Germany (PRWEB) January 04, 2012
Leading global property development and investment firm Tishman Speyer today announced acquisitions in Paris and Frankfurt, expanding the firm’s significant presence in each of those two cities.
In Paris, Tishman Speyer acquired the Pont Cardinet development project – to consist of two Class A office buildings in the 17th District that are scheduled to be completed in late 2013. The development will include a five-story, 121,500 square-foot (11,300-square-meter) building featuring a restaurant and parking, along with a six-story, 160,000 square-foot (14,800 square meter) building with additional parking. The buildings are being constructed within a new eco-district of over 50 hectares on the Les Batignolles railway site.
Tishman Speyer has been an active investor in the Paris market since 1998 and already owned 10 buildings there prior to the acquisition announced today. Other noteworthy assets include the Paris Bourse office complex, Tour Esplanade in La Defense, and Lumière, which is the city’s largest privately owned office building. In August 2011, the French Ministry of the Interior signed the largest-ever lease in central Paris at Lumière, taking 38,000 square meters there.
In Frankfurt, Tishman Speyer acquired Weserstraβe 54, a 175,000 square foot (16,500-square-meter) office building strategically located in the city’s Central Banking District. The building, completed in 2003, consists of seven above-ground floors and two underground floors with substantial parking. It is currently leased to Allianz Asset Management, which will vacate the building in 2013.
In addition to Weserstraβe 54, Tishman Speyer’s assets in Frankfurt include Westend Caree and the TaunusTurm project currently under development and scheduled for completion in late 2013. Recently, the firm successfully completed and sold the iconic OpernTurm office tower. Tishman Speyer also owns properties in four other German markets – Berlin, Hamburg, Munich and Stuttgart.
“Both of these transactions are consistent with our company-wide portfolio strategy,” commented Tishman Speyer Co-CEOs Jerry Speyer and Rob Speyer. “We aim to be well-positioned with some of the best buildings in the world’s great cities. In this way, we are able to serve the needs of top domestic and international companies in those locations. Each of these investments represents opportunities to offer efficient space solutions to tenants in markets offering limited options in the timeframe between 2013-2014. We are well positioned to make the most of these opportunities in markets where we’ve invested and leased successfully for many years.”
About Tishman Speyer (http://www.tishmanspeyer.com)
Tishman Speyer 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.
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