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«The Frankfurt office of the internationally operating law firm Ashurst, exclusively advised by NAI Apollo, has leased three floors or 4,500 sqm on a long-term basis. In addition, Excellent Business Centers GmbH has leased one full floor with 1,500 sqm. Both leases were concluded last week. Together with the existing tenants UBS Deutschland AG and Morgan Lewis & Bockius, this represents a pre-letting rate of over 60% percent one year before the completion of OpernTurm.
Tishman Speyer sees the transactions as a good sign for Frankfurt's letting market. Markus Wiedenmann, who is responsible for the project at Tishman Speyer said after the conclusion of the negotiations: "These lease agreements show that the market continues to be good for first-class projects and locations even when times are becoming more challenging. We are pleased to see that excellent tenants continue to be attracted by the exceptional location, quality, and tenant structure of OpernTurm."
Simon Beddow, Managing Partner Germany of Ashurst LLP, commented: "Ashurst is delighted to have signed a lease for space in the OpernTurm. It will be a flagship building in Frankfurt and our signing a lease at this time highlights our long-term confidence in, and commitment to, the Frankfurt and German markets."
Tishman Speyer is a global leader, owning, developing, and operating first-class properties. Since its foundation in 1978, the international company has developed a portfolio comprising 10.4 million sqm of space with an overall property value of approx. €55 billion to date. Among Tishman Speyer's best-known properties are Rockefeller Center and Chrysler Center in New York and Torre Norte in São Paulo. Tishman Speyer has had an activepresence in Germany since 1988, when it began development of the MesseTurm, a 60-storey skyscraper which became Europe's tallest building and a symbol for Frankfurt. In the time since, the firm has acquired or developed approx. EUR 4 billion of property in the five major cities in Germany, and EUR 10.6 billion across Europe.
OpernTurm is a high-rise development by Tishman Speyer in Frankfurt with completion at the end of 2009. The 42 story tower rises 170m in the centre of Frankfurt right next to the Alte Oper at the Opernplatz and will feature 62,500 sqm of office space. The high quality roster of tenants includes UBS Deutschland AG, Morgan Lewis Bockius LLP, Ashurst LLP and Excellent Business Center Group.
Ashurst is a leading international law firm advising corporates and financial institutions with core businesses in M&A, corporate and finance. The firm's strong global presence is built on extensive experience of working with clients on complex legal and regulatory issues especially relating to cross-border transactions. With a team of over 200 partners in 13 countries, Ashurst provides advice of the highest quality to organisations around the world. NAI Apollo acted as exclusive leasing agent to Ashurst LLP.
The Excellent Business Center Group is widely regarded as the Germany`s leading quality serviced offices provider and provides serviced offices and suites, meeting and conferencing facilities and virtual offices in prime locations throughout Germany. With the OpernTurm Business Center the Excellent Business Center Group will open its third business centre in Frankfurt. Colliers Schön & Lopez Schmitt acted as leasing agent to Excellent Business Center Group». (CS della Società)
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