Tishman Speyer makes big bet on Chinese office market
As Chinese developers are going all-in on New York, the city’s biggest players are also making big bets on China. Tishman Speyer is investing in a large mixed-use project in Shanghai known as the Springs and has already nabbed Nike as its anchor office tenant.
Tishman Speyer, which is New York City’s largest family-run landlord, will soon invest in Beijing as well, and is looking to expand its presence into Chengdu, Suzhou and other Chinese cities.
“China has maintained an exceptional growth rate,” Tishman Speyer co-CEO Rob Speyer told the Wall Street Journal, and added that the company would stick to projects in large Chinese cities, as 250 million people are expected to migrate to them over the next decade.
Of course, Tishman is not the only New York City landlord with eyes on China. In October, Brookfield Office Properties announced that it would invest up to $750 million for a 22 percent stake in Chinese developer Shui On Land. In June, Larry Silverstein announced that he was looking to ramp up Silverstein Properties’ investment in China and would also develop properties in Israel. [WSJ] – Hiten Samtani