Tishman Speyer joins with Canadian investment vehicle to boost portfolio in gateway cities

Venture will focus on projects in 7 cities, including NY, LA, Chicago and Seattle

National /
Jun.June 12, 2019 11:00 AM
Tishman Speyer CEO Rob Speyer and IMCO Ceo Bert Clark with New York and Los Angeles (Credit: Getty Images and IMCO)

Tishman Speyer CEO Rob Speyer and IMCO Ceo Bert Clark with New York and Los Angeles (Credit: Getty Images and IMCO)

Tishman Speyer has entered into a joint venture with a Canadian asset manager to invest $500 million into projects in gateway cities across the U.S.

As one of the nation’s largest landlords, Tishman said Wednesday it is partnering with Investment Management Corporation of Ontario, a government affiliated body that manages $63 billion in assets.

The companies said IMCO had committed to an initial $500 million investment, with options to increase by $250 million increments.

Despite signs of slowing in the housing and commercial real estate markets, Tishman CEO Rob Speyer said demand still remains high for “office space and multifamily housing in U.S. gateway cities, and we believe that will be the case for the foreseeable future.”

The two firms will target multifamily and office building projects in New York, Washington, Boston, Los Angeles, San Francisco, Chicago and Seattle.

In recent months, Tishman Speyer has had a constant stream of real estate activity. In New York, the firm sold its 10 percent stake in the Chrysler Building to RFR Realty, and then listed a building across the street, 666 Third Avenue, for sale. Its tower in Hudson Yards, the Spiral, is fast rising from the ground, and is expected to be completed in 2020.


Related Articles

arrow_forward_ios
Robert Morse, executive chairman of Bridge Investment Group, one of the major Opportunity Zone investors focusing on real estate. (Bridge, Stanford)

Opportunity Zone investments got a boost in 2020

Opportunity Zone investments got a boost in 2020
Fabric co-founder, CEO Elram Goren (Getty, Elram Goren via LinkedIn)

Startup wants to bring “micro-warehouses” to vacant retail

Startup wants to bring “micro-warehouses” to vacant retail
Before the pandemic, national tenants paid 94 percent of rent. (Getty)

Retail rent collections rebound to 90%

Retail rent collections rebound to 90%
As companies leave Silicon Valley, Austin, Texas is becoming a top destination. (Getty)

Silicon Valley exodus: Where’d everyone go?

Silicon Valley exodus: Where’d everyone go?
229 West 43rd Street in New York and Two Westlake Park in Texas. New York and Texas are the states with the largest exposure to loans with appraisal reductions. (Photos via iStock; Google Maps; JLL)

What appraisal reductions mean for future losses on CMBS loans

What appraisal reductions mean for future losses on CMBS loans
Ray McGuire photographed by Axel Dupeux.

The Closing: Ray McGuire

The Closing: Ray McGuire
David Barclay (Getty; iStock)

David Barclay, British hotel titan, dies at 86

David Barclay, British hotel titan, dies at 86
Workers cite Covid-19 risks for not returning to office; fewer than half who return cite productivity (iStock)

Survey reveals why employees stay home or return to work

Survey reveals why employees stay home or return to work
arrow_forward_ios

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

Loading...