A joint venture between global property development and investment firm Tishman Speyer and a large pension fund has completed the acquisition of majority ownership interests in a high-quality, diversified portfolio of 16 U.S. office properties. The venture acquired the assets of Tishman Speyer Office Fund (TSOF), an Australia-based publicly-traded property trust, and completed certain related transactions.
Tishman Speyer disclosed in Australia that its new joint venture partner would invest more than $800 million in the venture.
The joint venture now holds a majority stake in a premier portfolio of 12 properties located in major U.S. gateway cities such as New York, Chicago, San Francisco and Seattle. The class-A portfolio includes properties such as 300 Park Avenue in New York City, Franklin Center in Chicago and One Bush Street in San Francisco.
The minority interest in this group of assets will continue to be held by an affiliate of the Government of Singapore Investment Corporation Pte Ltd. The joint venture also holds a 100 percent stake in four other properties: three class-A properties in Beverly Hills, Calif. and a three-building suburban complex in Northern Virginia.
“This transaction marks the disposition by TSOF of its assets on terms that represent a successful outcome for all stakeholders,” Tishman Speyer Co-CEOs Jerry Speyer and Rob Speyer said in a statement. “Looking forward, we are very excited about the formation of this joint venture and we’re pleased that our partner recognizes the value of this portfolio of premium properties and has joined us in making this significant investment.”