Tishman Speyer Properties is an American company that invests in
real estate
Real estate is property consisting of land and the buildings on it, along with its natural resources such as crops, minerals or water; immovable property of this nature; an interest vested in this (also) an item of real property, (more general ...
.
History
The firm was founded in 1978 by
Robert Tishman
Robert Valentine Tishman (April 7, 1916 – October 11, 2010) was an American real estate developer who was head of the family-owned firm Tishman Realty & Construction until it was disestablished in 1977, and was one of the two founding partners ...
and
Jerry Speyer
Jerry I. Speyer (born June 23, 1940) is an American real estate developer. He is one of two founding partners of the New York real estate company Tishman Speyer, which controls the Rockefeller Center.
Early life and education
Speyer was born in M ...
.
In March 1988, the company announced its first project in Europe, the construction of a 70-story tower in
Frankfurt, Germany
Frankfurt, officially Frankfurt am Main (; Hessian: , "Frank ford on the Main"), is the most populous city in the German state of Hesse. Its 791,000 inhabitants as of 2022 make it the fifth-most populous city in Germany. Located on its na ...
, the
Messeturm
The Messeturm, or Trade Fair Tower, is a 63-storey, skyscraper in the Westend-Süd district of Frankfurt, Germany. It is the second tallest building in Frankfurt, the second tallest building in Germany and the third tallest building in the E ...
, the tallest tower in
Western Europe
Western Europe is the western region of Europe. The region's countries and territories vary depending on context.
The concept of "the West" appeared in Europe in juxtaposition to "the East" and originally applied to the ancient Mediterranean ...
.
In May 1988, the company acquired the headquarters of
J. C. Penney for $350 million in partnership with Trammell Crow Real Estate Investors.
In 1996, the company entered into a joint venture to construct a $175 million, 36-story office building in
Sao Paulo, Brazil
SAO or Sao may refer to:
Places
* Sao civilisation, in Middle Africa from 6th century BC to 16th century AD
* Sao, a town in Boussé Department, Burkina Faso
* Saco Transportation Center (station code SAO), a train station in Saco, Maine, U.S. ...
.
In 1998, in partnership with
The Travelers Companies
The Travelers Companies, Inc., commonly known as Travelers, is an American insurance company. It is the second-largest writer of U.S. commercial property casualty insurance, and the sixth-largest writer of U.S. personal insurance through indepen ...
, the company paid $230 million to acquire the mortgage secured by the
Chrysler Building
The Chrysler Building is an Art Deco skyscraper on the East Side of Manhattan in New York City, at the intersection of 42nd Street and Lexington Avenue in Midtown Manhattan. At , it is the tallest brick building in the world with a steel fra ...
from
Fuji Bank
The was one of Japan's major banks during the post–World War II era. It combined with Dai-Ichi Kangyo Bank and the Industrial Bank of Japan in 2000 to form Mizuho Financial Group, and changed its name to Mizuho Corporate Bank in 2002 after t ...
.
In 2000, in partnership with
Lester Crown
Lester Crown (born June 7, 1925) is an American businessman and is the son of Chicago financier Henry Crown (died 1990), who created the Material Service Corporation with two brothers in 1919, which merged with General Dynamics in 1959.
Crown h ...
, the company acquired
Rockefeller Center
Rockefeller Center is a large complex consisting of 19 commercial buildings covering between 48th Street and 51st Street in Midtown Manhattan, New York City. The 14 original Art Deco buildings, commissioned by the Rockefeller family, span th ...
for $1.85 billion.
In 2002, the company sold
Millbank Tower
Millbank Tower is a high skyscraper in the City of Westminster at Millbank, by the River Thames in London. The tower was constructed in 1963, and has been home to many high-profile political organisations, including the Labour and Conservati ...
for £115 million.
In 2005, the company acquired the
MetLife Building
The MetLife Building (also 200 Park Avenue and formerly the Pan Am Building) is a skyscraper at Park Avenue and 45th Street, north of Grand Central Terminal, in the Midtown Manhattan neighborhood of New York City. Designed in the Internation ...
for $1.72 billion.
In 2006, the company acquired
Stuyvesant Town Stuyvesant may refer to:
People
* Peter Stuyvesant (1592–1672), the last governor of New Netherland
* Peter Gerard Stuyvesant (1778–1847), lawyer, landowner and philanthropist.
* Rutherfurd Stuyvesant (1843–1909), socialite and land develope ...
in partnership with
BlackRock
BlackRock, Inc. is an American multi-national investment company based in New York City. Founded in 1988, initially as a risk management and fixed income institutional asset manager, BlackRock is the world's largest asset manager, with trill ...
. In 2010, the property was surrendered to its lenders.
In December 2006, the company sold
666 Fifth Avenue
660 Fifth Avenue (formerly 666 Fifth Avenue and the Tishman Building) is a 41-story office building on the west side of Fifth Avenue between 52nd and 53rd Streets in the Midtown Manhattan neighborhood of New York City. The office tower was d ...
for $1.8 billion to
Kushner Companies
Kushner Companies LLC is an American real estate developer in the New York City metropolitan area. The company's biggest presence is in the New Jersey residential market.
A study published in December 2017 by ''Bloomberg News'' indicated that ...
.
In 2007, the company began development of a new
Yankee Stadium
Yankee Stadium is a baseball stadium located in the Bronx, New York City. It is the home field of the New York Yankees of Major League Baseball, and New York City FC of Major League Soccer.
Opened in April 2009, the stadium replaced the origi ...
.
In September 2007, the company bought a 6.6 million square foot office portfolio in
Chicago
(''City in a Garden''); I Will
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from
The Blackstone Group
Blackstone Inc. is an American alternative investment management company based in New York City. Blackstone's private equity business has been one of the largest investors in leveraged buyouts in the last three decades, while its real estate b ...
for $1.8 billion.
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
Abu Dhabi (, ; ar, أَبُو ظَبْيٍ ' ) is the capital and second-most populous city (after Dubai) of the United Arab Emirates. It is also the capital of the Emirate of Abu Dhabi and the centre of the Abu Dhabi Metropolitan Area.
...
, with the company retaining a 10% interest and the management rights of the building.
In October 2010, co-founder Robert Tishman died.
In November 2010, the company acquired an office tower in Chicago for $380 million, which was less than the cost of constructing the tower.
In August 2013, the company acquired 190 South LaSalle, an 800,000 square foot office tower in Chicago, from
CBRE Group
CBRE Group, Inc. is an American commercial real estate services and investment firm. The abbreviation CBRE stands for Coldwell Banker Richard Ellis. It is the world's largest commercial real estate services and investment firm (based on 2021 reven ...
Global Investors for $211 million.
In September 2013, the company formed a joint venture to develop a 3 million square foot mixed-use project in
Shanghai
Shanghai (; , , Standard Mandarin pronunciation: ) is one of the four direct-administered municipalities of the People's Republic of China (PRC). The city is located on the southern estuary of the Yangtze River, with the Huangpu River flow ...
.
In 2015, the company received a $1.4 billion loan on the MetLife Building and the property was appraised at $3 billion.
In 2016, the company acquired the
CNN
CNN (Cable News Network) is a multinational cable news channel headquartered in Atlanta, Georgia, U.S. Founded in 1980 by American media proprietor Ted Turner and Reese Schonfeld as a 24-hour cable news channel, and presently owned by ...
Building, an office tower in
Los Angeles
Los Angeles ( ; es, Los Ángeles, link=no , ), often referred to by its initials L.A., is the largest city in the state of California and the second most populous city in the United States after New York City, as well as one of the world' ...
for $127 million.
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). 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.
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
The Nasdaq Stock Market () (National Association of Securities Dealers Automated Quotations Stock Market) is an American stock exchange based in New York City. It is the most active stock trading venue in the US by volume, and ranked second ...
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.
Properties
Some of the properties that Tishman Speyer owns and operates include:
*
Rockefeller Center
Rockefeller Center is a large complex consisting of 19 commercial buildings covering between 48th Street and 51st Street in Midtown Manhattan, New York City. The 14 original Art Deco buildings, commissioned by the Rockefeller family, span th ...
in
Midtown Manhattan
Midtown Manhattan is the central portion of the New York City borough of Manhattan and serves as the city's primary central business district. Midtown is home to some of the city's most prominent buildings, including the Empire State Buildin ...
*
MetLife Building
The MetLife Building (also 200 Park Avenue and formerly the Pan Am Building) is a skyscraper at Park Avenue and 45th Street, north of Grand Central Terminal, in the Midtown Manhattan neighborhood of New York City. Designed in the Internation ...
in Midtown Manhattan
*
CitySpire Center in Midtown Manhattan
*
The Franklin in
Chicago
(''City in a Garden''); I Will
, image_map =
, map_caption = Interactive Map of Chicago
, coordinates =
, coordinates_footnotes =
, subdivision_type = Country
, subdivision_name ...
*
125 High Street
125 High Street is a 30-floor postmodern highrise in the Financial District, Boston, Massachusetts, Financial District of Boston, Massachusetts. Standing 452 feet (138 m) tall, the highrise is currently the List of tallest buildings in Boston, 2 ...
in
Boston
Boston (), officially the City of Boston, is the state capital and most populous city of the Commonwealth of Massachusetts, as well as the cultural and financial center of the New England region of the United States. It is the 24th- mo ...
*
One Federal Street
One Federal Street is a skyscraper in the Financial District neighborhood of Boston, Massachusetts. Completed in 1975, it is Boston's 13th-tallest building, standing 520 feet (159 m) tall, and housing 38 floors. It is very close to the Rose F. ...
in Boston
Some major developments include:
*
The Spiral in
Hudson Yards
* Mission Rock in
San Francisco
San Francisco (; Spanish language, Spanish for "Francis of Assisi, Saint Francis"), officially the City and County of San Francisco, is the commercial, financial, and cultural center of Northern California. The city proper is the List of Ca ...
References
External links
Official site website
{{authority control
Real estate companies of the United States
Privately held companies of the United States
Companies based in New York City
Real estate companies established in 1978
American companies established in 1978
1978 establishments in New York (state)