Tishman Speyer

The firm was founded in 1978 by Robert Tishman and Jerry Speyer.{{Cite news|url=https://www.nytimes.com/1987/10/10/business/tishman-s-global-strategy.html|title=Tishman's Global Strategy|last=Scardino|first=Albert|date=1987-10-10|work=The New York Times|access-date=2019-05-18|issn=0362-4331}}

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.{{cite news | url=https://www.nytimes.com/1988/03/22/business/tishman-plans-tall-tower-in-europe.html | title=Tishman Plans Tall Tower in Europe | first=ERIC N. | last=BERG | work=The New York Times | date=March 22, 1988 |url-access=subscription }}

In May 1988, the company acquired the headquarters of J. C. Penney for $350 million in partnership with Trammell Crow Real Estate Investors.{{cite news | url=https://www.nytimes.com/1988/05/25/business/company-news-j-c-penney-sells-new-york-building.html | title=J. C. Penney Sells New York Building | work=The New York Times | date=May 25, 1988 |url-access=subscription }}

In 1996, the company entered into a joint venture to construct a $175 million, 36-story office building in São Paulo, Brazil.{{cite news | url=https://www.nytimes.com/1996/06/28/business/tishman-in-brazil-venture.html | title=Tishman in Brazil Venture | agency=Reuters | work=The New York Times | date=June 28, 1996 |url-access=subscription }}

In 1998, in partnership with The Travelers Companies, the company paid $230 million to acquire the mortgage secured by the Chrysler Building from Fuji Bank.{{cite news | url=https://www.nytimes.com/1998/01/27/nyregion/deal-for-chrysler-building-is-completed.html | title=Deal for Chrysler Building Is Completed | agency=Bloomberg News | work=The New York Times | date=January 27, 1998}}

In 2000, in partnership with Lester Crown, the company acquired Rockefeller Center for $1.85 billion.{{cite news | url=https://www.nytimes.com/2000/12/22/nyregion/era-closes-at-rockefeller-center-with-1.85-billion-deal-on-sale.html | title=Era Closes at Rockefeller Center With $1.85 Billion Deal on Sale | first=CHARLES V. | last=BAGLI | work=The New York Times | date=December 22, 2000}}{{cite news | url=https://money.cnn.com/2000/12/22/deals/rockefellercenter/ | title=Rockefeller Center sold | work=CNN | date=December 22, 2000}}

In 2002, the company sold Millbank Tower for £115 million.{{cite news | url=http://www.propertyweek.com/news/motcomb-buys-up-millbank-tower/3023899.article | title=Motcomb buys up Millbank Tower | work=Property Week | date=December 6, 2002}}

In 2005, the company acquired the MetLife Building for $1.72 billion.{{cite news | url=https://www.nytimes.com/2005/04/02/nyregion/metlife-sells-second-tower-in-a-week.html | title=MetLife Sells Second Tower in a Week | first=Anthony | last=Ramirez | work=The New York Times | date=April 2, 2005 |url-access=subscription }}{{cite news | url=https://www.wsj.com/articles/SB111239226421395805 | title=MetLife Agrees to Sell Building for $1.72 Billion | work=The Wall Street Journal | date=April 2, 2005 |url-access=subscription }}

In 2006, the company acquired Stuyvesant Town in partnership with BlackRock.{{cite news | url=https://www.nytimes.com/2006/12/31/business/yourmoney/31speyer.html | title=Megadeal: Inside a New York Real Estate Coup | first=CHARLES V. | last=BAGLI | work=The New York Times | date=December 31, 2006 |url-access=subscription }} In 2010, the property was surrendered to its lenders.{{cite news | url=https://www.nytimes.com/2010/01/26/nyregion/26stuy.html | title=Wide Fallout in Failed Deal for Stuyvesant Town | first1=CHARLES V. | last1=BAGLI | first2=CHRISTINE | last2=HAUGHNEY | work=The New York Times | date=January 25, 2010 |url-access=subscription }}

In December 2006, the company sold 666 Fifth Avenue for $1.8 billion to Kushner Companies.{{cite news | url=https://www.nytimes.com/2006/12/06/business/06cnd-building.html | title=A Big Deal, Even in Manhattan: A Tower Goes for $1.8 Billion | first=CHARLES V. | last=BAGLI | work=The New York Times | date=December 7, 2006 |url-access=subscription }}

In 2007, the company began development of a new Yankee Stadium.{{cite news | url=https://www.nytimes.com/2007/05/01/sports/baseball/01sandomir.html | title=Latest Developments in a Crosstown Rivalry | first=Richard | last=Sandomir | work=The New York Times | date=May 1, 2007 |url-access=subscription }}

In September 2007, the company bought a 6.6 million square foot office portfolio in Chicago from The Blackstone Group for $1.8 billion.{{cite press release | url=https://www.businesswire.com/news/home/20070913005851/en/2.77-Billion-Sale-Blackstone---Equity-OfficeCarrAmerica | title=$2.77 Billion Sale of Blackstone - Equity Office/CarrAmerica Chicago Portfolio Closed by HFF | publisher=Business Wire | date=September 13, 2007}}

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, with the company retaining a 10% interest and the management rights of the building.{{cite news | url=https://www.nytimes.com/2008/07/10/nyregion/10chrysler.html | title=Abu Dhabi Buys 90% Stake in Chrysler Building | first=CHARLES V. | last=BAGLI | work=The New York Times | date=July 10, 2008 |url-access=subscription }}

In October 2010, co-founder Robert Tishman died.{{cite news | url=https://www.nytimes.com/2010/10/13/business/13tishman.html | title=Robert Tishman, Real Estate Developer, Dies at 94 | first=DENNIS | last=HEVESI | work=The New York Times | date=October 12, 2010 |url-access=subscription }}

In November 2010, the company acquired an office tower in Chicago for $380 million, which was less than the cost of constructing the tower.{{cite news | url=http://www.crainsnewyork.com/article/20101103/real_estate/101109946/tishman-speyer-grabs-380m-bargain-in-chicago | title=Tishman Speyer grabs $380M bargain in Chicago | first=Thomas | last=Corfman | work=Crain Communications | date=November 3, 2010 |url-access=subscription }} (see also 2008 financial crisis)

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.{{cite news | url=https://www.cpexecutive.com/post/tishman-speyer-grabs-iconic-chicago-tower/ | title=Tishman Speyer Grabs Iconic Chicago Tower | first=Gail | last=Kalinoski | work=Commercial Property Executive | date=August 14, 2013}}

In September 2013, the company formed a joint venture to develop a 3 million square foot mixed-use project in Shanghai.{{cite press release | url=http://www.prnewswire.com/news-releases/tishman-speyer-and-shanghai-lujiazui-group-form-joint-venture-to-build-mixed-use-development-in-shanghai-225124972.html | title=Tishman Speyer and Shanghai Lujiazui Group Form Joint Venture to Build Mixed-Use Development in Shanghai | publisher=PR Newswire | date=September 24, 2013}}

In 2015, the company received a $1.4 billion loan on the MetLife Building and the property was appraised at $3 billion.{{cite news | url=http://www.crainsnewyork.com/article/20150226/REAL_ESTATE/150229891/tishman-speyer-lands-1-4b-refi-for-metlife-building | title=Tishman Speyer lands $1.4B refi for MetLife Building | agency=Bloomberg News | work=Crain Communications | date=February 26, 2015}}

In 2016, the company acquired the CNN Building, an office tower in Los Angeles for $127 million.{{cite news | url=https://therealdeal.com/la/2016/02/11/tishman-speyer-to-buy-cnn-building-in-hollywood-for-more-than-127m/ | title=Tishman Speyer to buy CNN Building in Hollywood for more than $127M | first=Hannah | last=Miet | work=The Real Deal | date=February 11, 2016 |url-access=subscription }}

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).{{Cite web|date=17 June 2020|title=MOVIE STAR'S BEAUTY BRAND BUYS SHANGHAI BUILDING FROM TISHMAN SPEYER FOR RMB 1.8B|url=https://www.mingtiandi.com/real-estate/finance-real-estate/tishman-speyer-sells-building-in-crystal-plaza-shanghai/|access-date=15 July 2020|website=Mingtiandi}} 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.{{Cite web|date=28 July 2020|title=Tishman Speyer Hires Finance Expert to Lead New Affordable Housing Platform|url=https://www.costar.com/article/1208386522/tishman-speyer-hires-finance-expert-to-lead-new-affordable-housing-platform|access-date=21 August 2020|website=CoStar}}

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 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.{{Cite news|last=Putzier|first=Bowdeya Tweh and Konrad|date=2021-01-25|title=Smart-Lock Maker Latch to Use Tishman Speyer SPAC to Go Public|work=Wall Street Journal|url=https://www.wsj.com/articles/smart-lock-maker-latch-to-use-tishman-speyer-spac-to-go-public-11611568803|access-date=2021-01-25|issn=0099-9660}}

Some of the properties that Tishman Speyer owns and operates include:

• Rockefeller Center in Midtown Manhattan
• MetLife Building in Midtown Manhattan
• CitySpire Center in Midtown Manhattan
• The Franklin in Chicago
• 125 High Street in Boston
• One Federal Street in Boston

Some major developments include:

• The Spiral in Hudson Yards
• Mission Rock in San Francisco

{{reflist|30em}}

• [https://tishmanspeyer.com/ Official site website]

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Category:Real estate companies of the United States

Category:Privately held companies of the United States

Category:Companies based in New York City

Category:Real estate companies established in 1978

Category:American companies established in 1978

Category:1978 establishments in New York (state)