Tishman Speyer Properties
Encyclopedia
Tishman Speyer Properties is a real estate
building and operating company set up in 1978 by two founding partners, Jerry Speyer
and Robert Tishman
.
, Europe
, Latin America
, and Asia
. It stands at the center of a recent real estate debacle, the purchase and subsequent forfeiture of its $5.4 billion assets, Peter Cooper Village and Stuyvesant Town
in New York City.
Tishman Speyer’s properties include such well-known icons as New York City
’s Chrysler Building
, Rockefeller Center
, and CitySpire Center
. Internationally, Tishman owns 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:
Real estate
In general use, esp. North American, 'real estate' is taken to mean "Property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water; immovable property of this nature; an interest vested in this; an item of real property; buildings or...
building and operating company set up in 1978 by two founding partners, Jerry Speyer
Jerry Speyer
Jerry I. Speyer is an American real estate tycoon. He is one of two founding partners of the prominent New York real estate company Tishman Speyer...
and Robert Tishman
Robert Tishman
Robert Valentine Tishman was an American real estate developer who had been head of the family-owned firm Tishman Realty and Construction until it was disestablished in 1977, and was one of the two founding partners of Tishman Speyer, which was formed in 1978 and became one of the largest owners...
.
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 77000000 square feet (7,153,534.1 m²) in major metropolitan areas across the United StatesUnited States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
, Europe
Europe
Europe is, by convention, one of the world's seven continents. Comprising the westernmost peninsula of Eurasia, Europe is generally 'divided' from Asia to its east by the watershed divides of the Ural and Caucasus Mountains, the Ural River, the Caspian and Black Seas, and the waterways connecting...
, Latin America
Latin America
Latin America is a region of the Americas where Romance languages – particularly Spanish and Portuguese, and variably French – are primarily spoken. Latin America has an area of approximately 21,069,500 km² , almost 3.9% of the Earth's surface or 14.1% of its land surface area...
, and Asia
Asia
Asia is the world's largest and most populous continent, located primarily in the eastern and northern hemispheres. It covers 8.7% of the Earth's total surface area and with approximately 3.879 billion people, it hosts 60% of the world's current human population...
. It stands at the center of a recent real estate debacle, the purchase and subsequent forfeiture of its $5.4 billion assets, Peter Cooper Village and Stuyvesant Town
Stuyvesant Town
Stuyvesant Town—Peter Cooper Village is a large private residential development on the East Side of the borough of Manhattan in New York City, and one of the most iconic and successful post-World War II private housing communities...
in New York City.
Tishman Speyer’s properties include such well-known icons as New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
’s Chrysler Building
Chrysler Building
The Chrysler Building is an Art Deco style skyscraper in New York City, located on the east side of Manhattan in the Turtle Bay area at the intersection of 42nd Street and Lexington Avenue. Standing at , it was the world's tallest building for 11 months before it was surpassed by the Empire State...
, Rockefeller Center
Rockefeller Center
Rockefeller Center is a complex of 19 commercial buildings covering between 48th and 51st streets in New York City, United States. Built by the Rockefeller family, it is located in the center of Midtown Manhattan, spanning the area between Fifth Avenue and Sixth Avenue. It was declared a National...
, and CitySpire Center
CitySpire Center
The CitySpire Center is the tallest mixed-use skyscraper in New York City, located on the south side of West 56th Street between 6th and 7th Avenues in Midtown Manhattan. Finished in 1987, it is 248 meters tall and has 73 floors, with a total area of...
. Internationally, Tishman owns São Paulo
São Paulo
São Paulo is the largest city in Brazil, the largest city in the southern hemisphere and South America, and the world's seventh largest city by population. The metropolis is anchor to the São Paulo metropolitan area, ranked as the second-most populous metropolitan area in the Americas and among...
’s North Tower. They used to own London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
’s Millbank Tower
Millbank Tower
Millbank Tower is a high skyscraper in the City of Westminster at Millbank, on the banks of the River Thames in London, in the United Kingdom. The Tower was constructed in 1963 for Vickers and was originally known as Vickers Tower. It was designed by Ronald Ward and Partners and built by John...
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
Lipstick Building
The Lipstick Building is a 453 foot tall skyscraper located at 885 Third Avenue, between East 53rd Street and 54th Street, across from the Citigroup Center in Manhattan, New York City, United States. It was completed in 1986 and has 34 floors. The building was designed by John Burgee Architects...
in New York.
Since 2005 Tishman has been in three of the biggest real estate deals in United States history:
- Sale of 666 Fifth Avenue666 Fifth Avenue666 Fifth Avenue is a 41-story office building on Fifth Avenue between 52nd and 53rd Streets in New York City.-Tishman ownership:The Tishman family via Tishman Realty and Construction built the tower in 1957. It was designed by Carson & Lundin and the building was called the Tishman Building...
for US$United States dollarThe United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
1.8 billion the biggest single building deal in the history of the U.S. - Purchase of the MetLife BuildingMetLife BuildingThe MetLife Building, originally called the Pan Am Building, is a skyscraper located at 200 Park Avenue in Midtown Manhattan, New York City.-History:...
for $1.72 billion which was the previous record. - Purchase of Stuyvesant TownStuyvesant TownStuyvesant Town—Peter Cooper Village is a large private residential development on the East Side of the borough of Manhattan in New York City, and one of the most iconic and successful post-World War II private housing communities...
and Peter Cooper Village for $5.4 billion, consisting of 80 acres (323,748.8 m²) of prime Manhattan land that includes 110 buildings and 11,232 apartments. It is the biggest single-property real estate deal up to this time in U.S. history. In January 2010 Speyer lost the property to a loan default, losing investors billions of dollars.
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 ManhattanManhattanManhattan is the oldest and the most densely populated of the five boroughs of New York City. Located primarily on the island of Manhattan at the mouth of the Hudson River, the boundaries of the borough are identical to those of New York County, an original county of the state of New York...
.