UBS and Tishman Speyer sign major lease contract for the OpernTurm in Frankfurt (DE)

UBS and a joint venture between Tishman Speyer and Lehman Brothers Real Estate Partners signed on 5 July 2006 one of the largest leases in the history of Frankfurt for the planned OpernTurm next to the historic Opera in the city center. The building will be located at the Opernplatz, at the corner of Bockenheimer Landstraße and Bockenheimer Anlage. UBS will be the main tenant occupying approximately 31,000 m² beginning in 2010.

UBS has approximately 1,350 employees in Germany, 1,100 of which are based in Frankfurt, Offenbach and Bad Homburg. UBS has recently expanded its German business through internal growth as well as selective acquisitions and intends to further pursue its growth strategy across all business units.

"It has been a priority for us to identify a location in Frankfurt which fits our business objectives but is also regarded as attractive to both our clients and our employees. With the OpernTurm development we have selected a property with outstanding architecture in a prominent location, which represents an integral part of the urban planning concept of the Opernplatz" said Jürg Zeltner, Chief Executive Officer of UBS Deutschland AG.

A Joint Venture of Tishman Speyer and Lehman Brothers Real Estate Partners acquired the site at the Opernplatz in 2004. The project, designed by architect Prof. Christoph Mäckler, comprises a 168 m high-rise tower, a seven-storey low-rise building as well as a large underground parking garage with public and private parking spaces. Construction is scheduled to begin in late 2006. Completion of the project is scheduled for 2010.

"We are pleased to have secured such a significant pre-lease, with such a prominent tenant for our Opernplatz development in Frankfurt. UBS is a strong global institution, with an impeccable reputation, and we are very pleased to have their trust as a valued tenant." said Michael Spies, Head of Europe for Tishman Speyer.

Source: Tishman Speyer

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