Tishman Speyer

Tishman Speyer
Company typePrivate
IndustryReal estate
Founded1978; 46 years ago (1978)
FounderJerry Speyer
Robert Tishman
Headquarters
45 Rockefeller Plaza
New York, NY 10111
U.S.
Area served
New York City, Jersey City, London, Madrid, Milan, São Paulo
Key people
Jerry Speyer (chairman)
Rob Speyer (president and CEO)
Joseph Doran (CFO)[1]
ServicesLand development
Property management
Fund management
AUM$57 billion (Q3 2020)
Number of employees
3000
Websitetishmanspeyer.com

Tishman Speyer is an American multinational corporation based at 45 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 São 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] (see also global financial crisis)

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:

Some major developments include:

References

  1. ^ "Tishman Speyer Properties LP - Company Profile and News". Bloomberg News.
  2. ^ Scardino, Albert (1987-10-10). "Tishman's Global Strategy". The New York Times. 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. ^ Putzier, Bowdeya Tweh and Konrad (2021-01-25). "Smart-Lock Maker Latch to Use Tishman Speyer SPAC to Go Public". Wall Street Journal. ISSN 0099-9660. Retrieved 2021-01-25.