Tishman Speyer

Tishman Speyer Properties
Privately held company
Industry Real estate
Founded 1978
Founder Jerry Speyer
Robert Tishman
Headquarters 45 Rockefeller Plaza
New York City, New York, United States
Area served
 London, Madrid, Milan, New York City, Sao Paulo
Key people
 Jerry Speyer, Chief executive officer
Rob Speyer, President
Services Land development
Property management
Fund management
Number of employees
 1,300
Website tishmanspeyer.com

Tishman Speyer Properties is a company that invests in real estate.

History

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

In March 1988, the company announced its first project in Europe, the construction of a 70-story tower in Frankfurt, Germany, the tallest tower in Western Europe.[1]

In May 1988, the company acquired the headquarters of J. C. Penney for $350 million in partnership with Trammell Crow Real Estate Investors.[2]

In 1996, the company entered into a joint venture to construct a $175 million, 36-story office building in Sao Paulo, Brazil.[3]

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.[4]

In 2000, in partnership with Lester Crown, the company acquired Rockefeller Center for $1.85 billion.[5][6]

In 2002, the company sold Millbank Tower for £115 million.[7]

In 2005, the company acquired the MetLife Building for $1.72 billion.[8][9]

In 2006, the company acquired Stuyvesant Town in partnership with BlackRock.[10] In 2010, the property was surrendered to its lenders.[11]

In December 2006, the company sold 666 Fifth Avenue for $1.8 billion to Kushner Companies.[12]

In 2007, the company began development of a new Yankee Stadium.[13]

In September 2007, the company bought a 6.6 million square foot office portfolio in Chicago from The Blackstone Group for $1.8 billion.[14]

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.[15]

In October 2010, co-founder Robert Tishman died.[16]

In November 2010, the company acquired an office tower in Chicago for $380 million, which was less than the cost of constructing the tower.[17]

In August 2013, the company acquired an 800,000 square foot office tower in Chicago.[18]

In September 2013, the company formed a joint venture to develop a 3 million square foot mixed-use project in Shanghai.[19]

In 2015, the company received a $1.4 billion loan on the MetLife Building and the property was appraised at $3 billion.[20]

In 2016, the company acquired an office tower in Los Angeles for $127 million.[21]

References

  1. ↑ BERG, ERIC N. (March 22, 1988). "Tishman Plans Tall Tower in Europe". The New York Times.
  2. ↑ "J. C. Penney Sells New York Building". The New York Times. May 25, 1988.
  3. ↑ "Tishman in Brazil Venture". Reuters. The New York Times. June 28, 1996.
  4. ↑ "Deal for Chrysler Building Is Completed". Bloomberg News. The New York Times. January 27, 1998.
  5. ↑ BAGLI, CHARLES V. (December 22, 2000). "Era Closes at Rockefeller Center With $1.85 Billion Deal on Sale". The New York Times.
  6. ↑ "Rockefeller Center sold". CNN Money. December 22, 2000.
  7. ↑ "Motcomb buys up Millbank Tower". Property Week. December 6, 2002.
  8. ↑ Ramirez, Anthony (April 2, 2005). "MetLife Sells Second Tower in a Week". The New York Times. (subscription required)
  9. ↑ "MetLife Agrees to Sell Building for $1.72 Billion". The Wall Street Journal. April 2, 2005. (subscription required)
  10. ↑ BAGLI, CHARLES V. (December 31, 2006). "Megadeal: Inside a New York Real Estate Coup". The New York Times.
  11. ↑ BAGLI, CHARLES V.; HAUGHNEY, CHRISTINE (January 25, 2010). "Wide Fallout in Failed Deal for Stuyvesant Town". The New York Times.
  12. ↑ BAGLI, CHARLES V. (December 7, 2006). "A Big Deal, Even in Manhattan: A Tower Goes for $1.8 Billion". The New York Times. (subscription required)
  13. ↑ Sandomir, Richard (May 1, 2007). "Latest Developments in a Crosstown Rivalry". The New York Times. (subscription required)
  14. ↑ Forbes, Laurie (September 4, 2007). "Tishman Buys Blackstone's Chicago Portfolio for $1.8B". CoStar Group.
  15. ↑ BAGLI, CHARLES V. (July 10, 2008). "Abu Dhabi Buys 90% Stake in Chrysler Building". The New York Times.
  16. ↑ HEVESI, DENNIS (October 12, 2010). "Robert Tishman, Real Estate Developer, Dies at 94". The New York Times. (subscription required)
  17. ↑ Corfman, Thomas (November 3, 2010). "Tishman Speyer grabs $380M bargain in Chicago". Crain Communications.
  18. ↑ Meyers, Bryce (August 13, 2013). "Tishman Adds Loop Office Tower To Its Chicago Collection". CoStar Group.
  19. ↑ "Tishman Speyer and Shanghai Lujiazui Group Form Joint Venture to Build Mixed-Use Development in Shanghai" (Press release). PRNewswire. September 24, 2013.
  20. ↑ "Tishman Speyer lands $1.4B refi for MetLife Building". Bloomberg News. Crain Communications. February 26, 2015.
  21. ↑ Reyes, Arlene (February 19, 2016). "Tishman Speyer Pays $127M for Los Angeles High Rise". CoStar Group.
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