Tishman Speyer Properties

Infobox Company
name = Tishman Speyer Properties
company_
type = Public Company
foundation = 1978
founder =
location_city = 45 Rockefeller Plaza New York City
location_country = flagicon|US
location =
locations = London, Madrid, Milan, Sao Paulo
key_people = Robert Tishman (Chairman) Jerry Speyer (CEO) Rob Speyer (President, Head of New York) Katherine Farley (Sr. Managing Director Emerging Markets) Michael Spies (Senior Managing Director Europe)
area_served = International
industry = Real Estate
products =
services = Land Development Property Management Fund Management
revenue =
operating_income =
net_income =
num_employees = 1,600
parent =
divisions =
subsid =
slogan =
homepage = [http://www.tishmanspeyer.com/ Official Site]
dissolved =
footnotes =
intl =

Tishman Speyer Properties is a leading real estate building and operating company set up in 1978 by two founding partners, Jerry Speyer and Robert Tishman.

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 convert|77000000|sqft|m2 in major metropolitan across the United States, Europe, Latin America and Asia.

Tishman Speyer’s properties includes such well-known icons as New York City’s Chrysler Building, Rockefeller Center, Lipstick Building, and CitySpire Center. Internationally, Tishman owns Frankfurt’s MesseTurm, Berlin’s Sony Center and São Paulo’s North Tower. They used to also own London’s Millbank Tower and are still the property manager of the building.

Since 2005 Tishman has been in three of the biggest real estate deals in United States history:
*Sale of 666 Fifth Avenue for $1.8 billion the biggest single building deal in the history of the U.S. [ [http://www.tishmanspeyer.com/properties/Property.aspx?id=41 Official Tishman description] ]
*Purchase of the MetLife Building for $1.72 billion which was the previous record.
*Purchase of Stuyvesant Town and Peter Cooper Village for $5.4 billion, consisting of 80 acres of prime Manhattan land that includes 110 buildings and 11,232 apartments. It is the biggest real estate deal up to this time in U.S. history.

Since May 2007 it has been leading the US$15.5 billion takeover of S&P 500 member Archstone-Smith Trust (nyse2|ASN), a developer-owner of residential apartment buildings and the third largest REIT in the United States, in alliance with Lehman Brothers Holdings Inc. (nyse2|LEH) and with capital from investment banks Bank of America (nyse2|BAC), Strategic Ventures Inc. and Barclays Capital (nyse2|BCS). [http://www.forbes.com/markets/feeds/afx/2007/09/03/afx4076335.html EU inquiry deadline for Tishman Speyer, Lehman Bros buy of Archstone-Smith Oct 3] , forbes.com, AFX News Limited, Thomson Financial, Brussels, 09.03.07]

Archstone-Smith shareholders would receive a 22.7% premium over the pre-announcement closing price of the stock.

The European Commission is reviewing the deal under the European Union's 'simplified' merger review procedure, which applies to mergers and acquisitions that it does not believe pose any competition concerns. The commission has set a deadline of October 3, 2007 for its inquiry into the deal.

References

External links

* [http://www.tishmanspeyer.com/ Official Site]
* [http://www.nytimes.com/2006/12/31/business/yourmoney/31speyer.html?scp=1&sq=tishman+megadeal&st=nyt Megadeal: Inside a Real Estate Coup] A December 31, 2006, New York Times article analysing the purchase of Stuyvesant Town and Peter Cooper Village in Manhattan.