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Tishman Speyer in $365M City Sale

LONDON-Tishman Speyer has sold its recently completed Tower Place development in the City of London to the German fund DB Real Estate for pounds 215 million ($365 million).

By Graham Parker | Updated on October 24, 2003

LONDON-Tisham Speyer has cashed in on the current City of London investment boom with the sale of Tower Place, its recently completed development next to the Tower of London. DB Real Estate, the German property fund, is understood to have paid £215 million ($365 million.)

Because of its location facing a World Heritage site dating from the 11th Century, the design by Norman Foster is deliberately low-rise and low-key. Tower Place consists of two separate buildings linked by a public atrium. It provides 360,000 sf of offices and 30,000 sf of retail and restaurant accommodation.

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