Tishman Speyer Secures $241M in Development Financing for Upcoming Expansion in Frankfurt
- Apr 16, 2015
Frankfurt, Germany–North German lender HSH Nordbank is providing a credit facility in the amount of €228 million (approximately $241 million) to U.S.-based property developer and investor Tishman Speyer for the construction of a mixed-use high-rise in Frankfurt’s financial district. The project is being developed on behalf of the company’s real estate fund in Europe.
The new building, which will be more than 574 feet tall, will be located in Grosse Gallusstrasse on a site measuring about 25,800 square feet (2,400 square meters). Construction is expected to start this year and be complete towards the end of 2018.
Tishman Speyer’s completed office projects in Frankfurt include the seven-story Deutsche Bank Campus building, the 40-storyTaunusTurm tower (pictured), the 42-story OpernTurm high-rise, as well as the eight-story Junghof office complex, which is made up of two adjacent buildings.
“The Frankfurt real estate market remains attractive to both German businesses and international investors. It is not least for this reason that we recently opened an office in Frankfurt’s financial district. 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,” Peter Axmann, head of the Real Estate Clients division at HSH Nordbank, said.
Based in New York, Tishman Speyer is one of the world’s leading property owners, developers, operators and fund managers. Since it was founded more than three decades ago, it has acquired and developed 362 real estate projects totaling more than 129 million square feet of space. The company’s global real estate portfolio is currently worth more than $68 billion.
Photo credit: www.tishmanspeyer.com