The 842-ft MesseTurm was completed in 1990, when it became Europe's tallest office building. It remains Europe's tallest multi-let building providing 750,000 sf of office space over 70 storeys. Kajima, the Japanese construction giant, is retaining its 15% stake in the property. Debt financing was provided by Eurohypo and Deutsche Bank

The price achieved by Tishman Speyer Properties and its Japanese institutional backers has not been disclosed. However the latest data from Aengevelt Immobilien, part of TCN, puts prime Frankfurt rents at €590 per sq m ($49 per sf) per annum and prime CBD yields at 6.00 to 6.25%.

Barry McGowan, Chief Investment Officer at GLL, said: 'This is one of the premium buildings in a city that is home to both the headquarters of the European Central Bank and the Continent's largest Stock Exchange. We expect Frankfurt to continue to dominate German finance and become an increasingly important to Europe.'