US developer Tishman Speyer has put its Openturm office tower in Frankfurt back on the market after a failed attempt to sell the trophy building to KanAm in 2008. A Tishman Speyer spokesperson confirmed to PropertyEU that the US developer and investor has mandated CB Richard Ellis, BNP Paribas and UBS investment bank to market the building, which is worth between EUR 500-600 mln.

US developer Tishman Speyer has put its Openturm office tower in Frankfurt back on the market after a failed attempt to sell the trophy building to KanAm in 2008. A Tishman Speyer spokesperson confirmed to PropertyEU that the US developer and investor has mandated CB Richard Ellis, BNP Paribas and UBS investment bank to market the building, which is worth between EUR 500-600 mln.

German open-ended fund manager KanAm agreed to buy the asset in September 2008 and pulled out of the deal a month later, as part of a change in strategy under which the company decided to decrease 'the proportion of financial properties and tenants in the portfolio given the turmoil in the global banking sector'. The tower was 50% pre-let at the time and is currently 85% pre-leased.

The property, which comprises two interlinked office towers over 42 storeys, next to Frankfurt's historic old opera house, has recently been completed. The 168-meter high towers, which were designed by Frankfurt-based architect Christoph Mäckler, offer 67,000 m2 of office space. The complex also comprises childcare services, a range of restaurants and an underground car park for 580 vehicles.

UBS Deutschland and Philadelphia law firm Morgan Lewis occupy around 50% of OpenTurm, with new lettings agreed with legal firm K&L Gates and private equity firm 3i Deutschland in January 2010 bringing the total occupancy in the building to 85%. Other tenants are Allen & Overy, Ashurst, and BlackRock Investment Management.