Tishman Speyer Announces Acquisition of U.S. Real Estate Portfolio

Forms JV to Acquire Assets of Australia-based Listed Property Trust

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Looking forward, we are very excited about the formation of this joint venture and we’re pleased that our partner recognizes the value of this portfolio of premium properties and has joined us in making this significant investment.

New York, NY (PRWEB) April 05, 2012

A joint venture between leading global property development and investment firm Tishman Speyer and a large pension fund has completed the acquisition of majority ownership interests in a high-quality, diversified portfolio of 16 U.S. office properties. The venture acquired the assets of Tishman Speyer Office Fund (TSOF), an Australia-based publicly-traded property trust, and completed certain related transactions.

The joint venture now holds a majority stake in a premier portfolio of 12 properties located in major U.S. gateway cities such as New York, Chicago, San Francisco and Seattle. The class A portfolio includes properties such as 300 Park Avenue in New York City, Franklin Center in Chicago and One Bush Street in San Francisco. The minority interest in this group of assets will continue to be held by an affiliate of the Government of Singapore Investment Corporation Pte Ltd (GIC). The joint venture also holds a 100 percent stake in four other properties – three class A properties in Beverly Hills, Calif. and a three-building suburban complex in Northern Virginia.

“This transaction marks the disposition by TSOF of its assets on terms that represent a successful outcome for all stakeholders,” commented Tishman Speyer Co-CEOs Jerry Speyer and Rob Speyer. “Looking forward, we are very excited about the formation of this joint venture and we’re pleased that our partner recognizes the value of this portfolio of premium properties and has joined us in making this significant investment.”

About Tishman Speyer

Tishman Speyer is one of the leading developers, owners, operators, and asset managers of first class real estate worldwide. Active across North America, Europe, South America, and Asia, Tishman Speyer is relied upon by many of the world's most prestigious corporations to meet their office space needs. Since its founding in 1978, the firm has acquired, developed and/or managed a portfolio of over 119 million sq. ft. valued at over USD $57.8 billion. Signature assets include New York's Rockefeller Center and the Chrysler Center, Sao Paulo's Torre Norte, Ventura Corporate Towers in Rio de Janeiro, and the TaunusTurm project now under construction in Frankfurt. In China, Tishman Speyer has projects at different stages of development in Shanghai, Chengdu and Tianjin.


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