US developer and investor Tishman Speyer is joining forces with German fund manager Commerz Real to develop another major office property in Frankfurt, Germany.

The announcement of the TaunusTurm project follows soon after the sale last month of Tishman's landmark OpernTurm office tower to a partnership of GIC and JP Morgan.

Designed by architects Gruber + Klein-Kraneburg Architekten and Jean-Paul Viguier, the new 40-storey, 60,400-m2 tower will be located on the Wallanlage, a park running through the center of the Frankfurt financial district, and in close proximity to the Commerbank and Helaba headquarters buildings. TaunusTurm will be constructed with the intention of qualifying for LEED Gold certification.

Tishman Speyer began its European activities as a commercial property investor in Frankfurt in 1988 with the development of the 60-storey MesseTurm, which at the time became Europe's tallest office tower and an iconic symbol for the city. In the following years, the US company has developed or refurbished over EUR 4 bn worth of property in Germany's six major cities.

'This project reflects our strong confidence in the investment potential of the Frankfurt market and this outstanding location,' said co-CEOs Jerry Speyer and Rob Speyer said in a press statement. 'Frankfurt is not only an international financial capital; it has been called the most forward-looking city in Germany.'

The construction of the 170-metre high TaunusTurm is set to start this month. Financing will be provided by Eurohypo.

'We are convinced that the TaunusTurm building will be a success,' said Hans-Joachim Kühl of Commerz Real. 'The property is located in the heart of the Banking Quarter. This means that we're setting up a new benchmark in this prime location. At the same time we want to do justice to our responsibility to the market, make use of the positive signs of economic activity and use this project to make a contribution to the strengthening of the business location Frankfurt.'