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JP Morgan Leads Opera Tower Bids, Sources Say

FRANKFURT-KanAm had been reported as offering $585 million for the 42-story office tower, but pulled out of the running.

By Allan Saunderson | Updated on September 15, 2010

FRANKFURT-The sale of Frankfurt’s Opera Tower, considered by many as one of the premier, new office assets in the European market, is likely to be finalized in the next few weeks, and US investment bank JP Morgan is leading the bidding, according to industry sources.

The 673,000-square-foot office tower, opened in 2008, is owned by developer Tishman Speyer and a fund owned and managed by Swiss banking group UBS, which is the anchor tenant. Tishman has wanted to sell since before the economic crisis but one buyer, Munich-based fund manager KanAm, pulled out as financial uncertainty deepened. It had been reported offering around $585 million. The tower, with 42 floors, commands top-prime rents reaching almost to $65 per square meter prior to the crisis.

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