In global development news from Frankfurt, Germany - Leading global real estate development firm Tishman Speyer announced the development of a massive office property in Frankfurt. The so called "TaunusTurm" will be a joint venture in collaboration with Real AG, according to the news.
The new office tower complex is being designed by world famous architects Gruber + Klein-Kraneburg Achitekten, as well as Jean-Paul Viruier. The 40 story, 650,000 square foot tower is to be located on the Wallenlage, or the park that runs through the middle of Frankfurt's financial district.
(Photo removed at the request of the photographer)
The project is another indication of the preeminence of Tishman Speyer in the commercial development and investment game. The company began operations in Frankfurt back in 1988, and has been a leader in the industry since. Tishman Speyer has 13 real major estate investments in five German cities.
TaunusTurm's announcement came at an event hosted by Tishman Speyer Chairman and Co-CEO Jerry Speyer (above), Commerz Real AG Board Member Hans-Joachim Kuhl, and Frankfurt Mayor Dr. h.c. Petra Roth. Speyer commented that when OpernTurm sold last year, it was almost completely leasted out - suggesting a continuing demand for such office space. On this current project, the CEO had this comment:
“This project reflects our strong confidence in the investment potential of the Frankfurt market and this outstanding location. Frankfurt is not only an international financial capital; it has been called the most forward-looking city in Germany. We are proud to be able to help shape its future contours and look forward to a continued presence here.”
This bit of good news reveals the strength Tishman Speyer still wields in the International real estate world. The company has always been extraordinary where new developments are concerned. The Stuyvesant Town and Peter Cooper Village debacle in New York City that left the company hung with billions in bad debt, has apparently been overcome. Face it, it's not every company that can withstand a nearly $6 billion disaster and still keep chugging forward. Speyer's company was one of the hardest hit when the real estate bubble burst.
Frankfurt is the financial capital of Germany, which actually makes it the financial capital of the EU for many. These new developments by Tishman Speyer and others are positive indicators of the core economics of the region for many experts. 2011 is looking up a bit, where commercial high end real estate is concerned at least.
Original source - BusinessWire press release from Tishman Speyer.