Reports that JP Morgan is closing in on the acquisition of the Operturm office tower in Frankfurt for EUR 500-600 mln raised some eyebrows during a panel discussion at EXPO REAL on Tuesday. German newspaper Handelsblatt reported that JP Morgan is the last remaining bidder for Tishman Speyer’s 168-metre tower and has entered a two-week exclusivity period. The price is believed to be less than the EUR 600 mln Operturn was originally marketed for two years ago. Kanam’s Grundinvest fund pulled out of a deal to buy the property in the midst of the financial crisis in 2008.
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