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.