Dutch pension fund invests in Tishman Speyer’s Hudson Yards tower

Developer transferred more than 60% of the equity in the project to 11 limited partners for $450M

New York /
Apr.April 30, 2018 04:30 PM

Rob Speyer and the Spiral

A Dutch pension fund is one of nearly a dozen investors who collectively hold about two-thirds of the equity in Tishman Speyer’s $3.7 billion Hudson Yards office development.

Entities controlled by Tishman Speyer earlier in April transferred nearly 63 percent of the equity in its 2.8 million-square-foot Spiral project to 11 limited partners in a pair of transactions totaling $449.63 million, public records filed with the city Monday show.

The move came as Tishman Speyer announced it had raised an additional $900 million in equity for the development, that has an address of 66 Hudson Boulevard.

The entities have obscure names that provide little information on the identities of the investors behind them, and it’s not clear from the records what share of the project each one owns.

But one of the partnerships points to the Netherlands based construction industry pension fund known as BpfBouw, which is one of the largest in the country with €56bn (or roughly $68 billion) in assets under management.

A spokesperson for Tishman Speyer declined to comment, but a source familiar with the project confirmed that the pension fund is indeed a limited partner. Other partners include Chinese conglomerate HNA Group, which had been previously disclosed.

Tishman earlier this month announced it has raised a total of $1.9 billion in equity for the planned 65-story office building at 66 Hudson Boulevard. That was up from the $1 billion it had raised by early 2016.

The developer recently locked down $1.8 billion in construction financing from Blackstone Mortgage Trust for the building, which will be anchored by biopharmaceutical giant Pfizer.


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)
Hudson Yards megadevelopment inspires a new line of sex toys
Hudson Yards megadevelopment inspires a new line of sex toys
Facebook CEO Mark Zuckerberg and Hudson Yards (Credit: Getty Images and Wikipedia)
Facebook close to finalizing Hudson Yards office deal: report
Facebook close to finalizing Hudson Yards office deal: report
SL Green’s locks in big bank lease at Hudson Yards redevelopment site
SL Green’s locks in big bank lease at
Hudson Yards redevelopment site
SL Green’s locks in big bank lease at
Hudson Yards redevelopment site
From left: Tishman Speyer CEO Rob Speyer, KKR co-founder Henry Kravis, and a rendering of 341 Ninth Avenue (Getty, Tishman Speyer)
KKR dumps Manhattan office plans
KKR dumps Manhattan office plans
Illustration of Stefan Soloviev (HaydenSoloviev, CC BY-SA 4.0, via Wikimedia Commons, Getty)
Soloviev bets long-dormant Midtown East site in casino sweepstakes
Soloviev bets long-dormant Midtown East site in casino sweepstakes
CHIP's Jay Martin and HCR Commissioner RuthAnne Visnauskas (Getty)
Lies, damn lies, and statistics: Did rent-stabilized vacancies really fall?
Lies, damn lies, and statistics: Did rent-stabilized vacancies really fall?
PulteGroup's Ryan R. Marshall and RedFin's Glenn Kelman (PulteGroup, RedFin, Getty)
Wall Street is bidding up housing stocks again
Wall Street is bidding up housing stocks again
Empire Capital Holdings' Josh Rahmani, Hakimian Capital's Michael Hakimian, RXR's Scott Rechler and 1330 6th Avenue (Getty, Hakimian Capital, Empire Capital Holdings, 1330aofa.com)
Empire Capital, partners close on $320M deal for 1330 Sixth Ave
Empire Capital, partners close on $320M deal for 1330 Sixth Ave
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...