Tishman Speyer has signed a long-term lease for over 9,000 m² with the international legal practice Allen & Overy LLP. The law firm will be moving into the Podium building, which is immediately adjacent to the Alte Oper (Old Opera) in Frankfurt. The lease is one of the largest lease agreements signed in Frankfurt this year. It contributes to OpernTurm's pre-letting level reaching 75%, six months before the building's completion. The deal was advised by Atisreal.
The 170-m high OpernTurm will feature 66,000 m² of rental space.
Dr. Markus Wiedenmann, Co-Head of Tishman Speyer in Germany, interprets this deal as a positive sign for the Frankfurt real estate market. "This lease proves that high quality prospers, even in difficult financial markets such as these." Allen & Overy have secured themselves a long term stay in Frankfurt's best office location.
Dr. Cornelius Fischer-Zernin, Senior Partner at Allen & Overy LLP in Germany, commented: "In addition to the outstanding location, modern office space and construction engineering, it was especially important to our employees that, following our exponential expansion over the last years, we find office space in a building which could be filled exclusively by Allen & Overy, a first in our law firm's Frankfurt based history."
The 170-meter high OpernTurm will feature 66,000 m² of rental space and is to be completed in the winter of 2009. It will be certified according to the LEED-Gold Green Building Rating System as one of the first office skyscraper developments of this kind in Europe. The high quality roster of tenants includes UBS Deutschland AG, Allen & Overy LLP, Ashurst LLP, Morgan Lewis & Bockius LLP and Excellent Business Centers GmbH. The architectural design by the Frankfurt-based architect Professor Christoph Mäckler restores the original background of this significant urbanistic public area and provides the city with a new landmark adjacent to the Alte Oper (Frankfurt's Historic Opera House).
Source: Allen & Overy