Tishman Speyer, the developer of Frankfurt's Taunus, Messe and Opern towers, has acquired the former head office of Metzler Bank for the development of a new high-rise office project in the German city.
Tishman Speyer, the developer of Frankfurt's Taunus, Messe and Opern towers, has acquired the former head office of Metzler Bank for the development of a new high-rise office project in the German city.
The transaction price was not disclosed.
The site, located at Großen Gallusstraße in the centre of Frankfurt's banking district, was put up for sale last year through an international bidding process which drew strong investor interest, the vendor said in a statement. The sales process was led by Metzler Corporate Finance.
'The headquarters of our bank, where we have operated our business for almost 200 years, will now go into the hands of an experienced project developer which has already marked positively the cityscape of Frankfurt,' commented Friedrich von Metzler, partner at the private banking group.
'Tishman Speyer has contributed to the successful urban development of Frankfurt over many years, and we are happy [..] to launch the next outstanding high-rise project now,' commented Jerry and Rob Speyer, co-CEOs of Tishman Speyer.
The site is located opposite the Taunus tower, Tishman Speyer’s third high-rise building in Frankfurt and its most recent development in the city. Tishman Speyer partnered with Commerz Real to build the recently completed 60,000 m2, 170-metre office scheme.
Tenants include JP Morgan, HVB Gesellschaft, international law firms King & Spalding and Norton Rose Fulbright as well as Schroder Investment Management.
