Tishman Speyer Forms New JV for Office Portfolio

Tishman Speyer Australia Limited, in its capacity as responsible entity of Tishman Speyer Office Fund (TSOF), announced that it has entered into an agreement to be acquired by a new joint venture between Tishman Speyer and a large pension fund. Tishman completed the transaction on April 3 with the new JV taking majority ownership interests in a portfolio of 16 U.S. office properties.

The joint venture holds a 100% stake in four properties - three Class A properties in Beverly Hills, California and a three-building suburban complex in Northern Virginia according to a Citybizlist New York article.

• Lakeside Complex (Loudon County, VA)
• Maple Plaza (Beverly Hills)
• 407 North Maple Dr (Beverly Hills)
• Beverly Mercedes Place (Beverly Hills)

The JV also holds a majority stake in a portfolio including the 12 properties listed below (the minority interest in this group of assets will continue to be held by an affiliate of the Government of Singapore Investment Corporation).

• 300 Park Avenue (NYC)
• CitySpire (NYC)
• Greenwich American Centre (Greenwich, CT)
• Bala Plaza (Bala Cynwyd -- suburban Philadelphia)
• Franklin Center - 227 W Monroe (Chicago)
• Franklin Center - 222 West Adams (Chicago)
• Plaza East I & II (Milwaukee)
• 520 Pike Tower (Seattle)
• One Bush Street (San Francisco)
• 595 Market Street (San Fran)
• Bayside Towers (Foster City, CA)
• 400 Castro St (Mountain View, CA)
• Lakeside Complex (Loudon County, VA)
• Maple Plaza (Beverly Hills)
• 407 North Maple Dr (Beverly Hills)
• Beverly Mercedes Place (Beverly Hills)

"This transaction marks the disposition by TSOF of its assets on terms that represent a successful outcome for all stakeholders," Tishman Speyer Co-CEOs Jerry Speyer and Rob Speyer said in a joint statement. "Looking forward, we are very excited about the formation of this joint venture and we’re pleased that our partner recognizes the value of this portfolio of premium properties and has joined us in making this significant investment."

For more news and information visit Blumberg Capital Partners.

Tishman Takes Over 16 US Office Buildings

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.