UPDATE: Tishman Speyer Staying in China; Calls Chinese Media Report False
Editor's Note: World Property Channel also used those erroneous reports in a posting published earlier today. That posting has been removed from the web. World Property Channel regrets posting the erroneous report.
New York City-based Tishman Speyer is staying in China despite erroneous reports published by two online Beijing news publications, China.org and Information Times.
In an e-mail to World Property Channel
global publisher Michael Gerrity, Rob Speyer and Jerry Speyer, co-CEOs of Tishman Speyer state:
"Recent inaccurate reports have mischaracterized Tishman Speyer's presence and commitment in China and our company wants to emphatically state these reports are untrue.
"Tishman Speyer, which presently has over 1,750,000 square meters of projects in development in the Chinese market, is deeply committed to China and we are presently dramatically expanding our business here.
"To enable this growth, our company has hired 50 new China-based employees since the beginning of this year, taking our total headcount to 160 people. We are actively and aggressively pursuing additional investment opportunities in China, seeking to grow our footprint through development projects in other cities.
"The Shanghai Jiang Wan project is currently under development with the first phase residential to be prepared for pre-sales by year end, and the second phase office park campus to be delivered for occupancy by Q1 2014.
"Tishman Speyer has received interest from best-in class domestic and multi-national corporations who want to participate in the project, and we are evaluating all options to best maximize the long-term success of the development. "
"Tishman Speyer is firmly committed to our Jiang Wan project, we are optimistic about the long-term outlook of the Chinese economy and we believe this is an opportune time to expand our business beyond our projects in Shanghai, Tianjin, Chengdu and Suzhou."
According to the company's current web site, Tishman Speyer has acquired, developed and managed a property portfolio representing over $50.2 billion in total value around the globe since 1978.
The company's web site states Tishman Speyer has managed a portfolio of assets since its inception of over 116 million square feet and more than 92,000 residential units in major metropolitan areas across the United States, Europe, Latin America and Asia.
According to Wikipedia
, Tishman Speyer's properties include such well-known icons as New York City's Chrysler Building, Rockefeller Center, and CitySpire Center.
Internationally, Wikipedia states Tishman owns São Paulo's North Tower. They previously owned London's Millbank Tower and are currently the property manager of the building. Their most recent project in London is the reconstruction of Fleetway House, now known as Nexus. In 2007 they sold the Lipstick Building in New York.
Since 2005 Tishman has participated in three of the biggest real estate deals in United States history: They are:
- Sale of 666 Fifth Avenue, New York City, for $1.8 billion, considered the biggest single building deal in the history of the U.S.
- 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 (320,000 m2) of prime Manhattan land that includes 110 buildings and 11,232 apartments.
- It is the biggest single-property real estate deal up to this time in U.S. history. Wikipedia states that In January 2010 Speyer lost the property to a loan default, losing investors billions of dollars.