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Tishman Speyer breaks ground on development in East Berlin.

Tishman Speyer Properties announced that it has broken ground on the first major real estate development to get underway since reunification in the former East German sector of the city.

The 600,000-square-foot building is part of the largest private building investment in the history of Berlin, the three-block 1.3 million-square-foot project known as the FriedrichstadtPassagen. Tishman Speyer Properties is one of three international developers involved, each of which won rights in a competition last year to handle one portion of the overall redevelopment.

Speaking at the groundbreaking along with the American Ambassador to Germany, Robert M. Kimmitt, and Berlin Mayor Eberhard Diepgen, Jerry I. Speyer, president of Tishman Speyer, said, "This groundbreaking is the first step in recreating one of Berlin's most important retail, business and cultural centers. We are proud to be playing a central role in restoring this part of Berlin's capital city heritage."

The company's plans for its parcel call for 172,000 square feet of retail spread among 60 separate shops, 355,000 square feet of offices, 30 apartments totaling 28,000 square feet, and 19,375 square feet of cultural space.

Internationally renowned German architect Oswaid Mathias Ungers created the building's design, which is intended to blend harmoniously with the adjacent neoclassic architecture of the famous Gendarmenmarkt plaza.

Financing for the project is being provided by Citibank, Hypo-Bank and BHF Bank.
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Title Annotation:Tishman Speyer Properties begins real estate development in East Berlin, Germany
Publication:Real Estate Weekly
Date:Oct 28, 1992
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