Tishman Speyer is an American multinational corporation based at 45

Rockefeller Plaza Rockefeller Center is a complex of 19 commerce, commercial buildings covering between 48th Street (Manhattan), 48th Street and 51st Street (Manhattan), 51st Street in the Midtown Manhattan neighborhood of New York City. The 14 original Art De ...

in Midtown

Manhattan Manhattan ( ) is the most densely populated and geographically smallest of the Boroughs of New York City, five boroughs of New York City. Coextensive with New York County, Manhattan is the County statistics of the United States#Smallest, larg ...

. The conglomerate invests in high-profile real estate properties, has developed multiple buildings around the world, and has owned famous buildings and land plots, including the

Chrysler Building The Chrysler Building is a , Art Deco skyscraper in the East Midtown neighborhood of Manhattan, New York City, United States. Located at the intersection of 42nd Street and Lexington Avenue, it is the tallest brick building in the world wit ...

History

The firm was founded in 1978 by Robert Tishman and Jerry Speyer. In March 1988, the company announced its first project in Europe, the construction of a 70-story tower in

Frankfurt, Germany Frankfurt am Main () is the most populous city in the German state of Hesse. Its 773,068 inhabitants as of 2022 make it the fifth-most populous city in Germany. Located in the foreland of the Taunus on its namesake Main, it forms a contin ...

, the

Messeturm The Messeturm, or Trade Fair Tower, is a 63-storey, skyscraper in the Westend-Süd district of Frankfurt, Germany. It is the second tallest building in Frankfurt, the second tallest building in Germany and the third tallest building in the Eu ...

, the tallest tower in

Western Europe Western Europe is the western region of Europe. The region's extent varies depending on context. The concept of "the West" appeared in Europe in juxtaposition to "the East" and originally applied to the Western half of the ancient Mediterranean ...

. In May 1988, the company acquired the headquarters of J. C. Penney for $350 million in partnership with Trammell Crow Real Estate Investors. In 1996, the company entered into a joint venture to construct a $175 million, 36-story office building in

São Paulo São Paulo (; ; Portuguese for 'Paul the Apostle, Saint Paul') is the capital of the São Paulo (state), state of São Paulo, as well as the List of cities in Brazil by population, most populous city in Brazil, the List of largest cities in the ...

, Brazil. In 1998, in partnership with

The Travelers Companies The Travelers Companies, Inc., commonly known as Travelers, is an American multinational insurance company. It is the second-largest writer of U.S. commercial property casualty insurance, and the sixth-largest writer of U.S. personal insurance t ...

, the company paid $230 million to acquire the mortgage secured by the

from

Fuji Bank The Yasuda Bank () from 1880 to 1948, then Fuji Bank () from 1948 to 2000, was one of the largest Japanese banks for much of the 20th century, together with Dai-Ichi Bank, Mitsubishi Bank, Mitsui Bank, and Sumitomo Bank. It was the main bank of ...

. In 2000, in partnership with

Lester Crown Lester Crown (born June 7, 1925) is an American businessman and is the son of Chicago financier Henry Crown (died 1990), who created the Material Service Corporation with two brothers in 1919, which merged with General Dynamics in 1959. Crown ...

, the company acquired

Rockefeller Center Rockefeller Center is a complex of 19 commerce, commercial buildings covering between 48th Street (Manhattan), 48th Street and 51st Street (Manhattan), 51st Street in the Midtown Manhattan neighborhood of New York City. The 14 original Art De ...

for $1.85 billion. In 2002, the company sold

Millbank Tower Millbank Tower is a skyscraper in the City of Westminster at Millbank, by the River Thames in London, England. The tower was constructed in 1963, and has been home to many high-profile political organisations, including the Labour Party (UK), L ...

for £115 million. In 2005, the company acquired the

MetLife Building The MetLife Building (also 200 Park Avenue and formerly the Pan Am Building) is a skyscraper at Park Avenue and 45th Street, north of Grand Central Terminal, in the Midtown Manhattan neighborhood of New York City, New York, U.S. Designed in ...

for $1.72 billion. In 2006, the company acquired

Stuyvesant Town Stuyvesant may refer to: People * Stuyvesant family * Peter Stuyvesant (1592–1672), the last governor of New Netherland * Peter Stuyvesant (1727–1805), New York landowner and merchant * Peter Gerard Stuyvesant (1778–1847), lawyer, landown ...

in partnership with

BlackRock BlackRock, Inc. is an American Multinational corporation, multinational investment company. Founded in 1988, initially as an enterprise risk management and fixed income institutional asset manager, BlackRock is the world's largest asset manager ...

. In 2010, the property was surrendered to its lenders. In December 2006, the company sold

666 Fifth Avenue 660 Fifth Avenue (formerly 666 Fifth Avenue and the Tishman Building) is a 41-story office building on the west side of Fifth Avenue between 52nd and 53rd Streets in the Midtown Manhattan neighborhood of New York City, United States. The off ...

for $1.8 billion to Kushner Companies. In 2007, the company began development of a new

Yankee Stadium Yankee Stadium is a baseball stadium located in the Bronx in New York City. It is the home field of Major League Baseball’s New York Yankees and New York City FC of Major League Soccer. The stadium opened in April 2009, replacing the Yankee S ...

. In September 2007, the company bought a 6.6 million square foot office portfolio in

Chicago Chicago is the List of municipalities in Illinois, most populous city in the U.S. state of Illinois and in the Midwestern United States. With a population of 2,746,388, as of the 2020 United States census, 2020 census, it is the List of Unite ...

from

The Blackstone Group Blackstone Inc. is an American alternative investment management company based in New York City. It was founded in 1985 as a mergers and acquisitions firm by Peter G. Peterson, Peter Peterson and Stephen A. Schwarzman, Stephen Schwarzman, who h ...

for $1.8 billion. In 2008, a joint venture between the company and German investors sold a 90% interest in the Chrysler Building to the government of

Abu Dhabi Abu Dhabi is the capital city of the United Arab Emirates. The city is the seat of the Abu Dhabi Central Capital District, the capital city of the Emirate of Abu Dhabi, and the UAE's List of cities in the United Arab Emirates, second-most popu ...

, with the company retaining a 10% interest and the management rights of the building. In October 2010, co-founder Robert Tishman died. In November 2010, the company acquired an office tower in Chicago for $380 million, which was less than the cost of constructing the tower. (see also

2008 financial crisis The 2008 financial crisis, also known as the global financial crisis (GFC), was a major worldwide financial crisis centered in the United States. The causes of the 2008 crisis included excessive speculation on housing values by both homeowners ...

) In August 2013, the company acquired 190 South LaSalle, an 800,000 square foot office tower in Chicago, from

CBRE Group CBRE Group, Inc. (an initialism of Coldwell Banker Richard Ellis) is an American commercial real estate services and investment firm with corporate headquarters in Dallas, Texas and global financial headquarters at Lever House in Midtown Manh ...

Global Investors for $211 million. In September 2013, the company formed a joint venture to develop a 3 million square foot mixed-use project in

Shanghai Shanghai, Shanghainese: , Standard Chinese pronunciation: is a direct-administered municipality and the most populous urban area in China. The city is located on the Chinese shoreline on the southern estuary of the Yangtze River, with the ...

. In 2015, the company received a $1.4 billion loan on the MetLife Building and the property was appraised at $3 billion. In 2016, the company acquired the

CNN Cable News Network (CNN) is a multinational news organization operating, most notably, a website and a TV channel headquartered in Atlanta. Founded in 1980 by American media proprietor Ted Turner and Reese Schonfeld as a 24-hour cable ne ...

Building, an office tower in

Los Angeles Los Angeles, often referred to by its initials L.A., is the List of municipalities in California, most populous city in the U.S. state of California, and the commercial, Financial District, Los Angeles, financial, and Culture of Los Angeles, ...

for $127 million. In 2020, according to an announcement by the New York firm, TST, also known as Tin's Secret, bought Tower 2 at Tishman Speyer's Crystal Plaza project in Pudong, charging the equivalent of RMB 68,445 per square meter for a land of 26,305 square meters (283,145 square feet). In July 2020, Tishman Speyer recruited Gary Rodney to occupy the new position of the New York-based firm's managing director of affordable housing. In January 2021, TS Innovation Acquisitions Corp., a blank-check vehicle sponsored by Tishman Speyer, merged with the smart-lock and building-management software startup Latch Inc., valuing the combined company at $1.56 billion and injecting around $450 million into the startup. Latch joined the

Nasdaq The Nasdaq Stock Market (; National Association of Securities Dealers Automated Quotations) is an American stock exchange based in New York City. It is the most active stock trading venue in the U.S. by volume, and ranked second on the list ...

with the ticker symbol LTCH. As sponsor of TS Innovation Acquisitions Corp., Tishman Speyer was reported to receive a stake of approximately 4% in Latch, worth around $60 million at the time of the deal's closing.

Properties

Some of the properties that Tishman Speyer owns and operates include: *

Midtown Manhattan Midtown Manhattan is the central portion of the New York City borough of Manhattan, serving as the city's primary central business district. Midtown is home to some of the city's most prominent buildings, including the Empire State Building, the ...

in Midtown Manhattan * CitySpire Center in Midtown Manhattan * The Franklin in

* 125 High Street in

Boston Boston is the capital and most populous city in the Commonwealth (U.S. state), Commonwealth of Massachusetts in the United States. The city serves as the cultural and Financial centre, financial center of New England, a region of the Northeas ...

* One Federal Street in Boston Some major developments include: * The Spiral in Hudson Yards * Mission Rock in

San Francisco San Francisco, officially the City and County of San Francisco, is a commercial, Financial District, San Francisco, financial, and Culture of San Francisco, cultural center of Northern California. With a population of 827,526 residents as of ...

References

External links

Official site website
{{authority control Real estate companies of the United States Privately held companies of the United States Companies based in New York City Real estate companies established in 1978 American companies established in 1978 1978 establishments in New York (state)