Tishman Speyer Completes Sale of Major Frankfurt Office Tower

The 42-story, 720,000-square-foot tower anchors Frankfurt’s financial district and is over 95 percent leased, serving world-class tenants such as UBS AG, Allen & Overy LLP, Ashurst LLP, K&L Gates LLP, BlackRock, 3i and Cerberus

PRLog (Press Release) – Dec 20, 2010 – Frankfurt, Germany – Leading global real estate development and investment firm Tishman Speyer recently announced the sale of the OpernTurm, a new landmark office tower in downtown Frankfurt that it completed in 2009. The sale, on behalf of the firm’s partnership with UBS, marks the completion of a high-profile development project brought to the market and successfully leased during extremely difficult economic conditions.

After acquiring the site that formerly had been the local headquarters for Zurich Financial in 2004, Tishman Speyer (http://www.tishmanspeyer.com/properties/Country.aspx?id=8) began construction of the building in 2006. Today, the 42-story, 720,000-square-foot tower anchors Frankfurt’s financial district and is over 95 percent leased, serving world-class tenants such as UBS AG, Allen & Overy LLP, Ashurst LLP, K&L Gates LLP, BlackRock, 3i and Cerberus.

“This sale completes our successful Opernturm investment, and we are pleased to see this great building pass into the hands of prominent international investors JP Morgan and GIC,” said Tishman Speyer Co-CEOs Jerry Speyer and Rob Speyer (http://www.tishmanspeyer.com/about/team.aspx). “It marks another chapter of Tishman Speyer’s successful history in the Frankfurt office market, which began over 20 years ago with the development of MesseTurm. As Frankfurt is such an important European financial center, we look forward to continued engagement there.”

About Tishman Speyer

Tishman Speyer (http://tishmanspeyer.wordpress.com) 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, many of the world’s most prestigious corporations rely on Tishman Speyer to meet their office space needs. Since its founding in 1978, the firm has acquired, developed and/ or managed a portfolio of over 116 million sq. ft. valued at over USD $50.2 billion. Signature assets include New York’s Rockefeller Center and the Chrysler Center, Frankfurt’s MesseTurm and OpernTurm, Sao Paulo’s Torre Norte, and Ventura Corporate Towers in Rio de Janeiro. Tishman Speyer has projects in different stages of development in Shanghai, Chengdu and Tianjin.

Tishman Speyer Acquires Cap de Seine Building in Paris

Cap de Seine is located on the Seine river bank in Ivry-sur-Seine, a southeastern inner suburb of Paris, and marks the continued growth of Tishman Speyer’s Paris portfolio

PRLog (Press Release) – Dec 20, 2010 – New York, NY – Tishman Speyer recently announced the acquisition of the Cap De Seine Building in Paris, thereby expanding its European portfolio and presence in Paris. The 327,000 square foot building, which was completed in 2004, is located on the Seine river bank in Ivry-sur-Seine, a southeastern inner suburb of Paris. The off-market transaction is Tishman Speyer’s second acquisition in Paris this year.

The Cap De Seine property holds a solid tenant base that includes financial firms Credit Foncier de France and Stanley Solutions de Securite, healthcare companies PPD France and the French health insurance office, and IT solutions company AGFA.

Tishman Speyer Senior Managing Director Michael Spies said, “Cap de Seine occupies a great location along the Seine in Ivry-sure-Seine, an emerging submarket that is poised to benefit from tightening space availability in the city’s central business district. The acquisition marks the continued growth of our Paris portfolio (http://www.tishmanspeyer.com/properties/Municipality.asp …), which now exceeds 3.5 million square feet, within a European portfolio exceeding 8.5 million square feet. And as our Paris portfolio grows, we continue to look at other European cities for additional opportunities that may arise.”

About Tishman Speyer

Tishman Speyer (http://www.tishmanspeyer.com) 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, many of the world’s most prestigious corporations rely on Tishman Speyer to meet their office space needs. Since its founding in 1978, the firm has acquired, developed and/ or managed a portfolio of over 116 million sq. ft. valued at over USD $50.2 billion. Signature assets include New York’s Rockefeller Center and the Chrysler Center, Frankfurt’s MesseTurm and Opernturm, Sao Paulo’s Torre Norte, and Ventura Corporate Towers in Rio de Janeiro. Tishman Speyer has projects in different stages of development in Shanghai, Chengdu and Tianjin.

Tishman Speyer Acquires Trophy Office Tower in Chicago

The LEED CS-Gold certified, 46-story, 1,184,000-square-foot Class A building in Chicago’s River North submarket offers first-class on-site and nearby amenities.

PRLog (Press Release) – Dec 17, 2010 – Chicago, IL – Tishman Speyer recently announced the acquisition of 353 N. Clark, a trophy-quality office tower in Chicago’s River North submarket. Financial terms were not disclosed.Designed by architect Dirk Lohan of Lohan Anderson, the 46-story, 1,184,000-square-foot Class A building offers breathtaking views along with first-class on-site and nearby amenities. The building is LEED CS-Gold certified (http://www.tishmanspeyer.com/capabilities/su/newbldg.aspx) and was developed by Mesirow Financial Real Estate. Its largest tenants are Mesirow Financial and Jenner & Block.

“As the city’s largest owner of Class A office buildings, Tishman Speyer is well positioned to take advantage of market demand for the highest-quality space in Chicago. This property is a great addition to our world-class office portfolio and the acquisition demonstrates our confidence in the Chicago market,” said Senior Managing Director Casey Wold.

About Tishman Speyer

Tishman Speyer (http://www.tishmanspeyer.com) 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, many of the world’s most prestigious corporations rely on Tishman Speyer to meet their office space needs. Since its founding in 1978, the firm has acquired, developed and/ or managed a portfolio of over 116 million sq. ft. valued at over USD $50.2 billion. Signature assets include New York’s Rockefeller Center and the Chrysler Center, Frankfurt’s MesseTurm and Opernturm, Sao Paulo’s Torre Norte, and Ventura Corporate Towers in Rio de Janeiro. Tishman Speyer has projects in different stages of development in Shanghai, Chengdu and Tianjin.

Global Leasing Momentum Continues as Tishman Speyer Signs Large Renewal at Munich Office Property

Leases Also Announced at Frankfurt’s OpernTurm Project, Now Exceeding 95 Percent Occupancy

Munich, Germany (PRWEB) November 17, 2010 – Tishman Speyer announced recently that Serviceplan, Germany’s largest privately-owned marketing agency, has signed an early renewal of its175,665-square-foot (16,319 sqm) lease at the firm’s Brienner Strasse property, extending its occupancy to January 2021. The agency, which fills virtually the entire complex, has been a tenant since 2000.

Tishman Speyer also has completed six new leases totaling 72,000 square feet (6,700 sqm) at its OpernTurm project in Frankfurt. The management consultant Roland Berger has signed a 24,000 square-foot lease; global business solutions provider Infosys has taken another 15,000 square feet; and international law firm Bingham McCutchen has leased 8,000 square feet. Altogether, new leases bring the successful development’s occupancy to over 95 percent.

“Today’s announcement illustrates a continuation of leasing momentum that has been building at Tishman Speyer office properties around the world. During the past 12 months, we’ve signed many large long-term lease transactions throughout our portfolio, not just in the German markets – but also in cities such as New York, Chicago, Washington, DC, Atlanta, Paris, Rio de Janeiro, Sao Paulo and Hyderabad. We are pleased that our strategy of targeting world-class corporations for the well-located high-quality properties we’ve acquired and developed has been so successful. The agreement with Serviceplan, one of Germany’s finest marketing firms, further illustrates that success,” commented Tishman Speyer Co-CEOs Jerry Speyer and Rob Speyer.

Located in the centre of Munich and comprised of three connected buildings, Brienner Strasse includes first-class office space, residential units, an underground parking garage and surface parking in the building’s courtyard. The buildings were constructed at various times starting in 1930 and all were fully refurbished and modernized during the past decade. The property is easily accessible by private and public transportation, with Munich’s main train station and several subway stations close at hand.

Tishman Speyer’s Opern Turm development was completed in 2009 and has been a dramatic addition to the Frankfurt skyline. The project includes a 42-story tower, a seven-story podium building and an underground garage. Situated on Opernplatz, opposite the famous Alte Oper, OpernTurm is regarded as the premier office address in Frankfurt. The property features magnificent views of the city skyline and offers outstanding on-site amenities. It was one of Europe’s first new office high-rise developments to receive LEED Gold certification.

About Tishman Speyer (http://www.tishmanspeyer.com)
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, many of the world’s most prestigious corporations rely on Tishman Speyer to meet their office space needs. Since its founding in 1978, the firm has acquired, developed and/ or managed a portfolio of over 116 million sq. ft. valued at over USD $50.2 billion. Signature assets include New York’s Rockefeller Center and the Chrysler Center, Frankfurt’s MesseTurm, and Sao Paulo’s Torre Norte. Tishman Speyer has projects in different stages of development in Shanghai, Chengdu and Tianjin.

Tishman Speyer-Led Partnership Deleverages Boston Office Property and Announces Headquarters Lease

Boston, MA - Tishman Speyer announced today that the One Federal Street office property in downtown Boston has been deleveraged by the building’s ownership, with a portion of its secondary debt being retired at a discount. With the investment of new equity there will be sufficient capital to fund new leases and otherwise execute the owners’ asset management strategy.

Today’s announcement follows several other noteworthy debt transactions completed in 2010 by Tishman Speyer (http://www.tishmanspeyer.com/capabilities/ad/index.aspx), including large portfolio debt restructurings in Chicago and Washington, DC, and the restructuring of debt on prominent properties in downtown Seattle and Dublin, Calif. In Southern California, the firm recently regained control of prime commercial development land in Playa Vista, and recapitalized two prime office buildings in El Segundo.

Tishman Speyer also announced today that Merchant Warehouse is relocating its corporate headquarters office to One Federal Street. Under the terms of the five-year lease agreement (http://www.tishmanspeyer.com/capabilities/lm/index.aspx), the firm will take over the entire second floor of the building, which totals 42,787 square feet of space.

Established in 1998 and now servicing over 80,000 customers, Merchant Warehouse is a leading provider of merchant accounts and credit card processing to retailers. It has been one of the region’s fastest-growing private companies for the past three years, according to the Boston Business Journal. Among other recent honors, the company was named the nation’s “Independent Sales Organization of the Year” in 2009 by the Electronic Transaction Association.

David Richardson and Garrett Larivee of McCall & Almy represented Merchant Warehouse in the lease transaction. Property ownership was represented by Brian Chaisson of Tishman Speyer.

One Federal Street (http://www.tishmanspeyer.com/properties/Property.aspx?id=110) is a 38-story office tower totaling approximately 1.1 million square feet, located in the heart of Boston’s financial district. The property enjoys convenient access to the area’s major highways and public transportation. It features excellent on-site amenities, and is within close proximity to Rose Kennedy Greenway, Faneuil Hall Marketplace and many other retail and tourist attractions.

About Tishman Speyer (www.tishmanspeyer.com)

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.

Big Buyers Line Up for Stuy-Town

The massive apartment complexes Stuyvesant Town and Peter Cooper Village are attracting interest from some key players.

A group that includes Pershing Square Capital Management and Winthrop Realty Trust hopes to gain ownership of Peter Cooper Village and Stuyvesant Town at an Aug. 25 foreclosure auction.

Investor William Ackman says the group hopes to convert rental apartments into affordable co-ops, The Wall Street Journal reports. . Ackman said his group would work with the complex's tenants association to ensure the co-ops would be affordable so people who live there now would be able to buy their units, the newspaper said.

Other creditors and potential buyers also are wrangling for control of the property.

(Read more via NBC New York.)

Tishman Speyer Announces Recapitalization at Dublin Corporate Center

Dublin, CA (PRWEB) August 17, 2010- Tishman Speyer announced recently that it has recapitalized its Dublin Corporate Center office campus by buying back all of the property's debt at a discount and committing new capital that will be used to fund future capital expenditures and leasing costs.

The announcement follows several other debt transactions completed by the firm, including recent large portfolio debt restructurings in Chicago and Washington, DC, and the restructuring of property debt for a downtown Seattle office tower.

"This substantial commitment of new capital illustrates our overall positive view of the Tri-Valley submarket east of San Francisco. More specifically, it signifies our desire to continue ownership of one of the area's finest properties situated at one of the best locations. We look forward to continue providing our tenants with superior office accommodations at Dublin Corporate Center," said Tishman Speyer Co-CEOs Jerry Speyer and Rob Speyer.

Dublin Corporate Center is an 18.6-acre Class A office campus consisting of three four-story office buildings totaling 440,278 square feet. It is strategically located along the 580 corridor in the Dublin submarket, which is part of the greater Tri-Valley market and is one of the fastest growing submarkets in the San Francisco Bay Area. The Tri-Valley's attractive demographics, excellent amenities, and extensive public and private transportation infrastructure have made it one of the most desirable markets in the Bay Area for large, credit-worthy corporate tenants.

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.

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