German lender HSH Nordbank is providing €228 mln of development finance to Tishman Speyer for a new high-rise building in Frankfurt’s financial district.

German lender HSH Nordbank is providing €228 mln of development finance to Tishman Speyer for a new high-rise building in Frankfurt’s financial district.

The 175-metre, mixed-use tower will be built on the former Metzler Bank site on Grosse Gallusstrasse for Tishman Speyer’s ‘value-add’ real estate fund in Europe.

The New York-based investor-developer expects to begin construction work later this year and complete the building by the end of 2018. It acquired the 2,400 m2 site at the end of last year for an undisclosed sum.

The building will be Tishman Speyer’s fourth skyscraper development in Frankfurt, following the Messe and Opern towers and its most recent project, the 170-metre Taunus tower comprising 60,000 m2 of office space.

‘The Frankfurt real estate market remains attractive to both German businesses and international investors,’ Peter Axmann, head of real estate clients division at HSH Nordbank, said. ‘We have a long-standing business relationship with Tishman Speyer, in the course of which a professional management team has repeatedly demonstrated its extensive expertise and in-depth knowledge, including with regard to the German commercial real estate market.’