Today, Tishman Speyer and Commerz Real AG bought the property known as "Kaiserkarree" situated in Frankfurt's banking district in Neue Mainzer Strasse/corner of Taunustor. The joint venture acquired "Kaiserkarree" from Commerzbank AG.
Tishman Speyer and Commerz Real AG intend to build a 135- meter-tall skyscraper with 37 storys on the land until early 2011. Winners of a competition held in 2000 were architects Gruber + Kleine-Kraneburg; their winning entry is currently revised. Construction is due to start in the spring of 2008.
Eurohypo AG will finance the project. Stefan H. Brendgen, Managing Director of Tishman Speyer Germany, said: "The development of another high-rise building shows that we have every confidence in the City of Frankfurt. We are pleased to be able to follow OpernTurm with the addition of another skyscraper to Frankfurt's skyline."
"The project is a new highlight in Frankfurt's banking district", Hubert Spechtenhauser, spokesman of the board of Commerz Real AG, said. "Developing mixed-use projects comprising office, retail and housing space will continue to give the dynamism of the site a boost. Kaiserkarree is proof of our conviction that the core of the financial centre has a future."