London/Dusseldorf – 21 September 2005: Tishman Speyer, a leading global owner, operator and developer of first class real estate, has completed the purchase of the office complex, Koenigsallee 45-55 / Breite Strasse 20-34, from an affiliate of The Blackstone Group.
Located in the heart of Dusseldorf’s Banking district, the 41,600 sqm (NLA - gif) complex comprises seven buildings. These provide frontage to the exclusive Koenigsallee and Breite Strasse and cover an entire city block. The property serves as the regional headquarters of Deutsche Bank, which will remain in occupancy for most of the property under a long-term lease. Other tenants include Egon Zehnder, Eurohypo AG, and the French Consulate.
Details of the transaction were not disclosed.
This acquisition represents the ninth major investment in Germany for Tishman Speyer since 1988, involving properties with value in excess of € 2.2 billon.
CB Richard Ellis GmbH, the international real estate brokerage firm, was the exclusive advisor to Blackstone in the sale of Koenigsallee 45-55 / Breite Strasse 20-34. They were assisted in the local market by Trombello Koelbel Immobilienconsulting. Freshfields, one of the leading international financial legal firms, was the legal advisor to Blackstone. Tishman Speyer was advised by Clifford Chance.
The Blackstone Group: a private investment and advisory firm with offices in New York, Atlanta, Boston, Los Angeles, London, Hamburg, Mumbai, and Paris, was founded in 1985. Blackstone’s Real Estate Group has raised five funds representing approximately $6 billion in total equity. The group has completed over 130 separate investments, representing more than 1,400 individual assets, in hotels, offices and other commercial properties with a total transaction value of approximately $22 billion. In addition to real estate, The Blackstone Group’s core businesses include Private Equity Investing, Corporate Debt Investing, Marketable Alternative Asset Management, Corporate Advisory, and Restructuring and Reorganization Advisory. china.blackstone.com
Tishman Speyer: is one of the leading owners, developers, and operators of first class real estate in the world. Since its founding in 1978, the company has acquired or developed a portfolio of over 75.4 million square feet, valued at over $22.2 billion. Tishman Speyer’s reputation for globally recognised properties includes such well-known icons as New York City’s Chrysler Building and Rockefeller Center, London’s Tower Place, Frankfurt’s MesseTurm, Paris’ CBX Tower and other prominent properties in major European cities.
CB Richard Ellis: CB Richard Ellis (NYSE:CBG), a FORTUNE 1000 company headquartered in Los Angeles, is the world's leading commercial real estate services firm (in terms of 2004 revenue). The company serves real estate owners, investors and occupiers by offering strategic advice and execution for property leasing and sales; property, facilities and project management; corporate services; debt and equity financing; investment management; valuation and appraisal; research and investment strategy; and consulting. Including partners and affiliates, the company has over 300 offices in more than 50 countries around the world. Please visit our Web site at www.cbre.com