Washington, DC (PRWEB) June 11, 2010
Tishman Speyer and its partners in a portfolio of 28 Washington, DC-area office buildings announced recently that they have successfully completed a recapitalization of the portfolio.
The equity partners in the portfolio, led by Tishman Speyer and including SITQ, have invested $700 million to retire $600 million of partnership debt and to fund working capital going forward. Retiring that debt de-leverages the portfolio, creates additional liquidity and puts ownership in a strong position to execute its long-term business plan. Tishman Speyer will continue to be the general partner, property manager and leasing agent for all of the properties.
Formerly known as the CarrAmerica portfolio and acquired by the partnership in 2006, the 28 properties total 6.3 million square feet and are approximately 88 percent leased. Properties within the District include International Square, several prominent Pennsylvania Avenue buildings, Terrell Place, the Commercial National Bank Building and others. The portfolio also includes high quality assets in Arlington, Tysons Corner, Alexandria, Reston and Bethesda.
"This is an excellent collection of high quality and well-located assets in one of the world's strongest markets," said Tishman Speyer President & Co-CEO Rob Speyer. "Along with our partners, we are pleased to successfully complete this recapitalization process and reaffirm our commitment to the Washington, DC office market. I especially would like to thank SITQ and our other partners for their dedication to these assets and our partnership."
"We are also grateful for the support we have received from our tenants and the Washington DC real estate community, and we remain committed to providing them with the highest level of service," added Speyer. "In addition, I'd like to recognize our
local team for their excellent work in leasing and managing the portfolio, and for their overall support while we were getting this done."
Tishman Speyer has been active in the Washington DC market with a regional office for more than a decade. In all, the firm currently owns, manages and leases over 11 million square feet of high-quality office buildings in the region. The firm has developed over 10 million square feet of area office properties, including projects such as One Metro Center, 1775 Pennsylvania Avenue, 1100 First Street, NE, and the majority of the buildings in Woodland Park, a large office park in Herndon, Va.
About Tishman Speyer
Tishman Speyer is one of the leading owners, developers, operators, and fund managers of first-class real estate in the world. Since 1978, Tishman Speyer has acquired, developed and operated over 325 projects totaling over 116 million square feet and a property portfolio of over US$54.2 billion in total value across the United States, Europe, Latin America and Asia, including signature properties such as New York's Rockefeller Center and Chrysler Center, Berlin's Sony Center and Torre Norte in São Paolo, Brazil.
About SITQ (http://www.sitq.com)
SITQ is a real estate investment, management and development firm specializing in three key sectors: Office properties; Hotels, apartments and retirement housing; and Real estate investment funds. As of December 31, 2009, SITQ owned real estate assets of CAD $17.8 billion. A leader in the Canadian real estate industry, SITQ also owns assets in the United States, France, the United Kingdom, Germany and India.
SITQ is a real estate subsidiary of the Caisse de dépôt et placement du Québec and employs over 450 people in Montréal, home of its head office, and throughout its global network of offices and subsidiaries in Canada, Europe and Asia.