Tishman Speyer

Source: Wikipedia, the free encyclopedia.
Tishman Speyer
AUM$57 billion (Q3 2020)
Number of employees
3000
Websitetishmanspeyer.com

Tishman Speyer Properties is an American multinational coorporation based at

Rockefeller Plaza in Midtown Manhattan. The conglomerate invests in high-profile real estate properties, has developed multiple buildings around the world, and has owned famous buildings and land plots, including the Chrysler Building
.

History

The firm was founded in 1978 by Robert Tishman and Jerry Speyer.[2]

In March 1988, the company announced its first project in Europe, the construction of a 70-story tower in

Frankfurt, Germany, the Messeturm, the tallest tower in Western Europe.[3]

In May 1988, the company acquired the headquarters of

J. C. Penney for $350 million in partnership with Trammell Crow Real Estate Investors.[4]

In 1996, the company entered into a joint venture to construct a $175 million, 36-story office building in

Sao Paulo, Brazil.[5]

In 1998, in partnership with The Travelers Companies, the company paid $230 million to acquire the mortgage secured by the Chrysler Building from Fuji Bank.[6]

In 2000, in partnership with Lester Crown, the company acquired Rockefeller Center for $1.85 billion.[7][8]

In 2002, the company sold Millbank Tower for £115 million.[9]

In 2005, the company acquired the MetLife Building for $1.72 billion.[10][11]

In 2006, the company acquired

Stuyvesant Town in partnership with BlackRock.[12] In 2010, the property was surrendered to its lenders.[13]

In December 2006, the company sold

666 Fifth Avenue for $1.8 billion to Kushner Companies.[14]

In 2007, the company began development of a new Yankee Stadium.[15]

In September 2007, the company bought a 6.6 million square foot office portfolio in

The Blackstone Group for $1.8 billion.[16]

In 2008, a joint venture between the company and German investors sold a 90% interest in the Chrysler Building to the government of Abu Dhabi, with the company retaining a 10% interest and the management rights of the building.[17]

In October 2010, co-founder Robert Tishman died.[18]

In November 2010, the company acquired an office tower in Chicago for $380 million, which was less than the cost of constructing the tower.[19]

In August 2013, the company acquired 190 South LaSalle, an 800,000 square foot office tower in Chicago, from CBRE Group Global Investors for $211 million.[20]

In September 2013, the company formed a joint venture to develop a 3 million square foot mixed-use project in Shanghai.[21]

In 2015, the company received a $1.4 billion loan on the MetLife Building and the property was appraised at $3 billion.[22]

In 2016, the company acquired the CNN Building, an office tower in Los Angeles for $127 million.[23]

In 2020, according to an announcement by the New York firm, TST, also known as Tin's Secret, bought Tower 2 at Tishman Speyer's Crystal Plaza project in Pudong, charging the equivalent of RMB 68,445 per square meter for a land of 26,305 square meters (283,145 square feet).[24] In July 2020, Tishman Speyer recruited Gary Rodney to occupy the new position of the New York-based firm's managing director of affordable housing.[25]

In January 2021, TS Innovation Acquisitions Corp., a

Nasdaq with the ticker symbol LTCH. As sponsor of TS Innovation Acquisitions Corp., Tishman Speyer was reported to receive a stake of approximately 4% in Latch, worth around $60 million at the time of the deal's closing.[26]

Properties

Some of the properties that Tishman Speyer owns and operates include:

Some major developments include:

References

  1. ^ "Tishman Speyer Properties LP - Company Profile and News". Bloomberg News.
  2. ISSN 0362-4331
    . Retrieved 2019-05-18.
  3. ^ BERG, ERIC N. (March 22, 1988). "Tishman Plans Tall Tower in Europe". The New York Times.
  4. ^ "J. C. Penney Sells New York Building". The New York Times. May 25, 1988.
  5. ^ "Tishman in Brazil Venture". The New York Times. Reuters. June 28, 1996.
  6. ^ "Deal for Chrysler Building Is Completed". The New York Times. Bloomberg News. January 27, 1998.
  7. ^ BAGLI, CHARLES V. (December 22, 2000). "Era Closes at Rockefeller Center With $1.85 Billion Deal on Sale". The New York Times.
  8. ^ "Rockefeller Center sold". CNN. December 22, 2000.
  9. ^ "Motcomb buys up Millbank Tower". Property Week. December 6, 2002.
  10. ^ Ramirez, Anthony (April 2, 2005). "MetLife Sells Second Tower in a Week". The New York Times.
  11. ^ "MetLife Agrees to Sell Building for $1.72 Billion". The Wall Street Journal. April 2, 2005.
  12. ^ BAGLI, CHARLES V. (December 31, 2006). "Megadeal: Inside a New York Real Estate Coup". The New York Times.
  13. ^ BAGLI, CHARLES V.; HAUGHNEY, CHRISTINE (January 25, 2010). "Wide Fallout in Failed Deal for Stuyvesant Town". The New York Times.
  14. ^ BAGLI, CHARLES V. (December 7, 2006). "A Big Deal, Even in Manhattan: A Tower Goes for $1.8 Billion". The New York Times.
  15. ^ Sandomir, Richard (May 1, 2007). "Latest Developments in a Crosstown Rivalry". The New York Times.
  16. ^ "$2.77 Billion Sale of Blackstone - Equity Office/CarrAmerica Chicago Portfolio Closed by HFF" (Press release). Business Wire. September 13, 2007.
  17. ^ BAGLI, CHARLES V. (July 10, 2008). "Abu Dhabi Buys 90% Stake in Chrysler Building". The New York Times.
  18. ^ HEVESI, DENNIS (October 12, 2010). "Robert Tishman, Real Estate Developer, Dies at 94". The New York Times.
  19. ^ Corfman, Thomas (November 3, 2010). "Tishman Speyer grabs $380M bargain in Chicago". Crain Communications.
  20. ^ Kalinoski, Gail (August 14, 2013). "Tishman Speyer Grabs Iconic Chicago Tower". Commercial Property Executive.
  21. ^ "Tishman Speyer and Shanghai Lujiazui Group Form Joint Venture to Build Mixed-Use Development in Shanghai" (Press release). PR Newswire. September 24, 2013.
  22. ^ "Tishman Speyer lands $1.4B refi for MetLife Building". Crain Communications. Bloomberg News. February 26, 2015.
  23. ^ Miet, Hannah (February 11, 2016). "Tishman Speyer to buy CNN Building in Hollywood for more than $127M". The Real Deal.
  24. ^ "MOVIE STAR'S BEAUTY BRAND BUYS SHANGHAI BUILDING FROM TISHMAN SPEYER FOR RMB 1.8B". Mingtiandi. 17 June 2020. Retrieved 15 July 2020.
  25. ^ "Tishman Speyer Hires Finance Expert to Lead New Affordable Housing Platform". CoStar. 28 July 2020. Retrieved 21 August 2020.
  26. ISSN 0099-9660
    . Retrieved 2021-01-25.

External links


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