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 genera ...
.
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, the
Messeturm, 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
Penney OpCo LLC, doing business as JCPenney and often abbreviated JCP, is a midscale American department store chain operating 667 stores across 49 U.S. states and Puerto Rico. Departments inside JCPenney stores include Mens, Womens, Boys, Girl ...
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.
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 from
Fuji Bank.
In 2000, in partnership with
Lester Crown, 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 for £115 million.
In 2005, the company acquired the
MetLife Building for $1.72 billion.
In 2006, the company acquired
Stuyvesant Town 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 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 orig ...
.
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 city, capital and List of cities in the United Arab Emirates, second-most populous city (after Dubai) of the United Arab Emirates. It is also the capital of the Emirate of Abu Dha ...
, 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 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 Chinese, Standard Mandarin pronunciation: ) is one of the four Direct-administered municipalities of China, direct-administered municipalities of the China, People's Republic of China (PRC). The city is located on the ...
.
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 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 Buildi ...
*
MetLife Building in Midtown Manhattan
*
CitySpire Center in Midtown Manhattan
*
The Franklin in
Chicago
(''City in a Garden''); I Will
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, coordinates =
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*
125 High Street 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. K ...
in Boston
Some major developments include:
*
The Spiral in
Hudson Yards
* Mission Rock in
San Francisco
San Francisco (; Spanish for " 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 fourth most populous in California and 17t ...
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)