Tishman Speyer
| Company type | Private |
|---|---|
| Industry | Real estate investment |
| Founded | 1978 |
| Founder | Robert Tishman, Jerry Speyer |
| Headquarters | New York City , United States |
Area served | Global |
Key people | Gary Rodney (Managing Director of Affordable Housing) |
| Products | Real estate development, fund management, property operations |
Tishman Speyer is a global real estate investment firm based in the United States, with its headquarters located at 45 Rockefeller Plaza in Midtown Manhattan. The company specializes in investing in prestigious properties and has developed and managed iconic structures worldwide, including the Chrysler Building.
History
Established in 1978 by Robert Tishman and Jerry Speyer, Tishman Speyer has grown its international presence, operating in key cities such as New York City, London, Madrid, Milan, São Paulo, and Jersey City.
The firm's inaugural European venture occurred in 1988 with the development of the Messeturm tower in Frankfurt, which was then the tallest building in Western Europe. That same year, Tishman Speyer, in partnership with Trammell Crow Real Estate Investors, purchased J.C. Penney’s headquarters for $350 million.
During the 1990s, the company engaged in significant joint ventures including a $175 million office project in São Paulo (1996) and a $230 million mortgage acquisition of the Chrysler Building alongside The Travelers Companies (1998). A major milestone was reached in 2000 when Tishman Speyer teamed up with Lester Crown to acquire Rockefeller Center for $1.85 billion.
In the 2000s, notable transactions included acquiring the MetLife Building for $1.72 billion in 2005 and partnering with BlackRock to purchase Stuyvesant Town in 2006; however, financial difficulties led to relinquishing Stuyvesant Town to lenders by 2010. The firm also sold 666 Fifth Avenue to Kushner Companies for $1.8 billion in 2006 and commenced development of the new Yankee Stadium starting in 2007.
Tishman Speyer increased its footprint in Chicago in 2007 by acquiring a 6.6 million square foot office portfolio from The Blackstone Group for $1.8 billion. In collaboration with German investors, the company sold a 90% interest in the Chrysler Building to Abu Dhabi’s government in 2008 while maintaining management control and a minority ownership stake.
After co-founder Robert Tishman passed away in 2010, the company continued expanding through strategic purchases such as an office tower in Chicago for $380 million that year and acquiring 190 South LaSalle for $211 million in 2013. That same year marked Tishman Speyer’s entry into China via a joint venture to develop a mixed-use project covering three million square feet in Shanghai.
The firm showcased robust financial results with a $1.4 billion refinancing of the MetLife Building in 2015, which had an appraisal value of $3 billion. Further portfolio growth included acquiring the CNN Building in Los Angeles for $127 million in 2016.
In recent years, Tishman Speyer has pursued innovative growth strategies: selling a Shanghai property to Tin's Secret for RMB 1.8 billion in 2020 and appointing Gary Rodney as managing director of affordable housing to strengthen its service offerings. In January 2021, through its sponsored SPAC TS Innovation Acquisitions Corp., Tishman Speyer facilitated Latch Inc.'s Nasdaq debut with a valuation of $1.56 billion, securing roughly a 4% ownership stake valued near $60 million at closing.
These strategic initiatives highlight Tishman Speyer’s ongoing evolution toward a comprehensive global platform encompassing real estate development, fund management, and property operations within premium markets.
Properties
Among the notable assets in Tishman Speyer's collection are:
- Rockefeller Center located in Midtown Manhattan
- MetLife Building situated in Midtown Manhattan
- CitySpire Center found within Midtown Manhattan
- The Franklin based in Chicago
- 125 High Street along with One Federal Street in Boston
Significant projects that underscore the firm's strategic expansion include:
- The Spiral positioned in Hudson Yards
- Mission Rock located in San Francisco