SAN FRANCISCO—China Vanke, the world’s largest real estate developer, has joined forces with Tishman Speyer to build a reported $650 million condominium tower here at 201 Folsom Street.
The project will consist of two connected residential towers – 37 and 42 stories high – with a total of 655 residences. The site is located across the street from The Infinity, a pair of residential towers that also were developed by Tishman Speyer. The Infinity’s residences commanded prices ranging from $600,000 to $6 million, and it was believed to be the fastest selling project in the United States in 2009.
The planned, which will be managed by Tishman Speyer, represents the first North American investment for China Vanke. “China Vanke has always been a company with a global view, good at learning from excellent peer enterprises. We are entering the US market to continue this learning process, to understand business models in a mature market and accumulate management experience through project cooperation,” says China Vanke Chairman Shi Wang in a statement.
Tishman has been involved in local development before. In 2012, the firm broke ground on its Foundry Square III office project, and is finalizing preparations to build an office tower at 222 Second. Also, Tishman previously developed the 555 Mission Street office building, and its current local holdings include 650Street, One Bush Street and 595 Market Street.