Commerz Real and Austria’s S+B Group have agreed to develop the second Donau City Tower in Vienna.
The German fund manager said it will invest around €170m and S+B will be responsible for all the construction and planning services.
S+B will also be responsible for the marketing and leasing of the building.
Construction is expected to begin in the second quarter of 2019, with completion scheduled for 2023.
DC Tower 2 will be constructed in the district of Donau City in Vienna, in the immediate vicinity of DC Tower 1, which has already been completed.
DC Tower 2 will be the third-highest building in Austria and will combine retail and gastronomy areas with office space and apartments on a total of 53 storeys with a leasable area of nearly 52,000sqm.
Commerz Real acquired the land in 2016 for its hausInvest open-ended real estate fund.