Tishman Speyer Properties announced that it would take over 16 office properties in the United States from its affiliated Australian REIT, Tishman Speyer Office Fund. According to a CoStar report, the fund owns 99.9% of four office buildings totaling 893,000 square feet and 45.9% ownership in another 12 totaling 7.46 million square feet. The Australian Fund agreed to sell the properties for $1.5 billion, plus an expected $48.5 million for transaction costs.
"The consequences of becoming a U.S. domestic reporting company are significant and burdensome, with consequential increases in costs to meet enhanced reporting and compliance obligations," the Australian company said.
The properties in the takeover include: 300 Park Ave. and CitySpire in New York; Greenwich American Centre in Greenwich, CT; Bala Plaza in Philadelphia; 227 West Monroe and 222 West Adams in Chicago; Plaza East I and II in Milwaukee; 520 Pike Tower in Seattle; One Bush Street and 595 Market Street in San Francisco; Bayside Towers in Foster City, CA; 400 Castro Street in Mountain View, CA; Lakeside in Northern Virginia; and Maples Plaza, 407 North Maple Drive and Beverly Mercedes Place in Beverly Hills, CA.
For more news and information visit Blumberg Capital Partners.
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