Tishman Speyer Properties

From Wikipedia, the free encyclopedia

This article may require cleanup to meet Wikipedia's quality standards. Please improve this article if you can. (April 2009)

Tishman Speyer Properties

Type	Private, public fund: ASX: TSO
Founded	1978
Founder(s)	Jerry Speyer and Robert Tishman
Headquarters	45 Rockefeller Plaza New York City, United States
Area served	International
Key people	Robert Tishman (Chairman) Jerry Speyer (CEO) Rob Speyer (President, Head of New York) Katherine Farley (SMD Emerging Markets) Michael Spies (SMD Europe)
Industry	Real Estate
Services	Land Development Property Management Fund Management
Employees	1,600
Website	Official Site

Tishman Speyer Properties is a leading real estate building and operating company set up in 1978 by two founding partners, Jerry Speyer and Robert Tishman.

[edit] Overview

Tishman Speyer is one of the leading owners, developers, fund managers and operators of real estate in the world, having managed a portfolio of assets since its inception of more than 77,000,000 square feet (7,200,000 m²) in major metropolitan across the United States, Europe, Latin America, and Asia.

Tishman Speyer’s properties includes such well-known icons as New York City’s Chrysler Building, Rockefeller Center, and CitySpire Center. Internationally, Tishman owns Frankfurt’s MesseTurm, Berlin’s Sony Center and São Paulo’s North Tower. They used to own London’s Millbank Tower and are still the property manager of the building. Their most recent project in London is the reconstruction of Fleetway House, now known as Nexus. In 2007 they sold the Lipstick Building in New York.

Since 2005 Tishman has been in three of the biggest real estate deals in United States history:

• Sale of 666 Fifth Avenue for US$1.8 billion the biggest single building deal in the history of the U.S.^[1]
• Purchase of the MetLife Building for $1.72 billion which was the previous record.
• Purchase of Stuyvesant Town and Peter Cooper Village for $5.4 billion, consisting of 80 acres (320,000 m²) of prime Manhattan land that includes 110 buildings and 11,232 apartments. It is the biggest real estate deal up to this time in U.S. history.

Since May 2007 it has been leading the $15.5 billion takeover of S&P 500 member Archstone-Smith Trust (NYSE: ASN), a developer-owner of residential apartment buildings and the third largest REIT in the United States, in alliance with Lehman Brothers Holdings Inc. (NYSE: LEH) and with capital from investment banks Bank of America (NYSE: BAC), Strategic Ventures Inc. and Barclays Capital (NYSE: BCS).^[2]

Archstone-Smith shareholders received a 22.7% premium over the pre-announcement closing price of the stock.^[2]

The European Commission is reviewing the deal under the European Union's 'simplified' merger review procedure, which applies to mergers and acquisitions that it does not believe pose any competition concerns. The commission has set a deadline of October 3, 2007 for its inquiry into the deal.^[2]

[edit] References

[edit] External links

• Official Site
• Megadeal: Inside a Real Estate Coup A December 31, 2006, New York Times article analyzing the purchase of Stuyvesant Town and Peter Cooper Village in Manhattan.