Tishman Speyer
Tishman Speyer Properties is an American company that invests in real estate.
Headquarters at 45 Rockefeller Plaza | |
| Type | Privately held company |
|---|---|
| Industry | Real estate |
| Founded | 1978 |
| Founder | Jerry Speyer Robert Tishman |
| Headquarters | , United States |
Area served | London, Madrid, Milan, New York City, Sao Paulo |
Key people | Jerry Speyer, Chief executive officer Rob Speyer, President Joseph Doran, CFO[1] |
| Services | Land development Property management Fund management |
| AUM | $57 billion (Q3 2020) |
Number of employees | 3000 |
| Website | tishmanspeyer |
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 Chicago from 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 blank-check vehicle sponsored by Tishman Speyer, merged with the smart-lock and building-management software startup Latch Inc., valuing the combined company at $1.56 billion and injecting around $450 million into the startup. Latch joined the 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:
- Rockefeller Center in Midtown Manhattan
- MetLife Building in Midtown Manhattan
- CitySpire Center in Midtown Manhattan
- The Franklin in Chicago
- 125 High Street in Boston
- One Federal Street in Boston
Some major developments include:
- The Spiral in Hudson Yards
- Mission Rock in San Francisco
References
- ^ "Tishman Speyer Properties LP - Company Profile and News". Bloomberg News.
- ^ Scardino, Albert (1987-10-10). "Tishman's Global Strategy". The New York Times. ISSN 0362-4331. Retrieved 2019-05-18.
- ^ BERG, ERIC N. (March 22, 1988). "Tishman Plans Tall Tower in Europe". The New York Times.
- ^ "J. C. Penney Sells New York Building". The New York Times. May 25, 1988.
- ^ "Tishman in Brazil Venture". The New York Times. Reuters. June 28, 1996.
- ^ "Deal for Chrysler Building Is Completed". The New York Times. Bloomberg News. January 27, 1998.
- ^ BAGLI, CHARLES V. (December 22, 2000). "Era Closes at Rockefeller Center With $1.85 Billion Deal on Sale". The New York Times.
- ^ "Rockefeller Center sold". CNN. December 22, 2000.
- ^ "Motcomb buys up Millbank Tower". Property Week. December 6, 2002.
- ^ Ramirez, Anthony (April 2, 2005). "MetLife Sells Second Tower in a Week". The New York Times.
- ^ "MetLife Agrees to Sell Building for $1.72 Billion". The Wall Street Journal. April 2, 2005.
- ^ BAGLI, CHARLES V. (December 31, 2006). "Megadeal: Inside a New York Real Estate Coup". The New York Times.
- ^ BAGLI, CHARLES V.; HAUGHNEY, CHRISTINE (January 25, 2010). "Wide Fallout in Failed Deal for Stuyvesant Town". The New York Times.
- ^ BAGLI, CHARLES V. (December 7, 2006). "A Big Deal, Even in Manhattan: A Tower Goes for $1.8 Billion". The New York Times.
- ^ Sandomir, Richard (May 1, 2007). "Latest Developments in a Crosstown Rivalry". The New York Times.
- ^ "$2.77 Billion Sale of Blackstone - Equity Office/CarrAmerica Chicago Portfolio Closed by HFF" (Press release). Business Wire. September 13, 2007.
- ^ BAGLI, CHARLES V. (July 10, 2008). "Abu Dhabi Buys 90% Stake in Chrysler Building". The New York Times.
- ^ HEVESI, DENNIS (October 12, 2010). "Robert Tishman, Real Estate Developer, Dies at 94". The New York Times.
- ^ Corfman, Thomas (November 3, 2010). "Tishman Speyer grabs $380M bargain in Chicago". Crain Communications.
- ^ Kalinoski, Gail (August 14, 2013). "Tishman Speyer Grabs Iconic Chicago Tower". Commercial Property Executive.
- ^ "Tishman Speyer and Shanghai Lujiazui Group Form Joint Venture to Build Mixed-Use Development in Shanghai" (Press release). PR Newswire. September 24, 2013.
- ^ "Tishman Speyer lands $1.4B refi for MetLife Building". Crain Communications. Bloomberg News. February 26, 2015.
- ^ Miet, Hannah (February 11, 2016). "Tishman Speyer to buy CNN Building in Hollywood for more than $127M". The Real Deal.
- ^ "MOVIE STAR'S BEAUTY BRAND BUYS SHANGHAI BUILDING FROM TISHMAN SPEYER FOR RMB 1.8B". Mingtiandi. 17 June 2020. Retrieved 15 July 2020.
- ^ "Tishman Speyer Hires Finance Expert to Lead New Affordable Housing Platform". CoStar. 28 July 2020. Retrieved 21 August 2020.
- ^ Putzier, Bowdeya Tweh and Konrad (2021-01-25). "WSJ News Exclusive | Smart-Lock Maker Latch to Use Tishman Speyer SPAC to Go Public". Wall Street Journal. ISSN 0099-9660. Retrieved 2021-01-25.
External links
- Official site website