DOCSLIB.ORG

Speyer's Strengths

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Speyer's Strengths NEWYORKCITY Speyer’s Strengths An Interview with Jerry I. Speyer, Chairman, Tishman Speyer EDITORS’ NOTE Jerry Speyer is with approximately 2 percent as Tishman Speyer and a number of one of the two founding partners the new norm. Is there growth other leading global real estate firms have of the company. He is Chairman within this market? the capabilities to do large complex and of the Museum of Modern Art Yes. I think we are witnessing special projects. Within those firms, is and Vice Chair of NewYork- slower growth and lower returns, and there a real difference? Everyone has great Presbyterian Hospital. He is the people have adjusted their thinking people with current technology, so does it former Chairman of the Board of along these lines. As we see central come down to culture? Directors of the Federal Reserve banks all over the world reducing I prefer not to discuss the competition, Bank of New York; Chairman rates, a change in return expecta- but there are ways to stand out from other Emeritus of Columbia University; tions is inevitable. However, this can companies, and yes, culture plays a big role in Chairman Emeritus of the Real change very quickly. our success. We built our own following over Estate Board of New York; Chair Tishman Speyer is clearly a period of time based on how we conduct Emeritus of the Partnership for New Jerry I. Speyer strong within New York and ourselves and the product we create and make York City; and past President of the also in many markets like Latin available to our clients. Board of Trustees of the Dalton School. Speyer’s America and Europe. Are you concentrat- You’re involved with the project at other board affiliations include Yankee Global ing on consistent U.S. growth for the firm? 66 Hudson Boulevard. When you look Enterprises, Columbia Business School Board I’m optimistic about the United States. I at what is happening in that part of the of Overseers, National September 11 Memorial think we are at a point where the U.S. is the city, known as Hudson Yards, what kind & Museum, the National Committee on United envy of other countries because our economy of impact do you anticipate that area States-China Relations, and the Kennedy Center is much healthier. It is showing more promise having on the city? Do you see it as being Corporate Fund Board. Speyer is a Trustee of than economies in other parts of the world. a city within a city? the Städel Museum, Frankfurt, Germany. He is You have a 1.1 million square foot No, it’s a new area. It’s not a city within a a member of the Council on Foreign Relations, project of retail and office space in Long city. Clearly, the total development space there the Business Roundtable, and the American Island City, as well as The Spiral at 66 is very large, and larger than some small cities. Academy of Arts and Sciences. Speyer gradu- Hudson Boulevard. Have those opportuni- But, it’s certainly not a city. ated from Columbia College and received an ties broadened your focus based on their New York City originated in Lower M.B.A. from Columbia University Graduate unique locations, and do you see additional Manhattan and every generation since has ex- School of Business. opportunities in the outer boroughs? panded this core area. As the city expanded, it We’re seeing a change in how people moved uptown. During the 20th Century, the COMPANY BRIEF Tishman Speyer think about location. business district moved sequentially, as far as ( t i s h manspeyer.com) is one of the leading de- New York is unique in many respects 57th Street, both to the east and to the west. velopers, owners, operators, and asset managers and evolving views on location is one of This is just another expansion of the city. of first class real estate worldwide. Active across them. We’re seeing these changes in other You have made a strong commitment North America, Europe, South America, and big cities around the country as well, such to social responsibility, and have put Asia, Tishman Speyer is relied upon by many as in Los Angeles, San Francisco, Chicago, much time and energy into philanthropic of the world’s most prestigious corporations to and Boston. efforts. What makes this so critical and meet their office space needs. The firm has ac- The truth is, people think about the dy- personal for you? quired, developed, and/or managed more than namics of the boroughs as being different from I see it more as an undertaking. It’s a 391 projects and a portfolio of more than 166.5 the growth that we see in other places. It’s re- truly important part of our lives. We encourage million square feet with a total value of approxi- ally about a reinvention. people in every part of our company to think mately $80.2 billion since its founding in 1978. Tishman Speyer has held quite a few about giving back to the communities where Signature assets include New York’s Rockefeller buildings for many years. How do those we are active. Center, Chrysler Center, Yankee Stadium, São buildings with a long heritage compete Tishman Speyer supports many impor- Paulo’s Torre Norte, Ventura Corporate Towers with newer buildings that are customized tant causes, particularly the arts. Would you in Rio de Janeiro, and the OpernTurm and the for the tenants of today? discuss the areas you are involved with? Messeturm in Frankfurt. Tishman Speyer also It’s the bones and location that matter. One particular area of focus for me is the has projects at different stages of development Older buildings can do just fine if they are in visual arts, but I also support music and educa- in Brasília, Chengdu, Frankfurt, Gurgaon, good locations. tion. However, Tishman Speyer also supports Hyderabad, Los Angeles, Paris, Rio de Janeiro, The interiors of buildings generally are an outreach in healthcare, the environment, San Francisco, São Paolo, Shanghai, Suzhou, flexible. It’s all about location and how the youth development, medical research, and per- and Washington, D.C. space is organized for tenants. Many build- formance arts, among numerous other valuable ings in New York and around the world have causes. There are many areas where we can There are business leaders across all in- been changed to accommodate the needs of make an impact, and we certainly intend to dustries who now talk about slow growth tenants. continue our efforts.• 28 LEADERS POSTED WITH PERMISSION. COPYRIGHT © 2016 LEADERS MAGAZINE, INC. VOLUME 39, NUMBER 4.
Load more

Recommended publications
  • Tishman Speyer and Bellco Capital Launch Breakthrough Properties, a First-Of-Its-Kind Global Life Sciences Real Estate Platform
    FROM: TISHMAN SPEYER Rubenstein Communications, Inc. – Public Relations Contact: Steven Rubenstein (212) 843-8043 Rick Matthews (212) 843-8267 BELLCO CAPITAL Contact: Leah Couvelier (213) 304-9333 Tishman Speyer and Bellco Capital Launch Breakthrough Properties, a First-of-Its-Kind Global Life Sciences Real Estate Platform Unique Collaboration Combines First-Hand Biotechnology Entrepreneurship and Scientific Research Experience with Unsurpassed Commercial Real Estate Development Capabilities Newly-Formed Joint Venture Acquires its First Development Site, in Boston’s Seaport District New York/Los Angeles/Boston – July 16, 2019 - Tishman Speyer, one of the world’s leading developers, owners, operators and asset managers of first-class real estate, and Bellco Capital (“Bellco”), an investment firm founded by biotechnology entrepreneurs Drs. Rebecka and Arie Belldegrun, have formed Breakthrough Properties (“Breakthrough”). The new company will acquire, develop and operate life science properties in leading technology centers around the world to support scientific innovation across biotechnology, agriculture and nutrition. Board Co-Chairs for Breakthrough are Bellco’s Arie Belldegrun and Tishman Speyer President & CEO Rob Speyer. Dan Belldegrun, a long-term member of Tishman Speyer’s Acquisitions and Development team, has been appointed Chief Executive Officer. The partners also announced today that Breakthrough has acquired its first property, taking advantage of Tishman Speyer’s deep roots and expertise as a commercial real estate developer and operator in the Boston market. The development site is strategically located by the Red Line on a one-acre parcel along the A Street corridor in Boston’s Seaport District and comes with 250,000 square feet of development rights. Completion of the project is anticipated in 2021.
    [Show full text]
  • New York's Iconic Chrysler Building up for Sale 9 January 2019
    New York's iconic Chrysler Building up for sale 9 January 2019 intersection of 42nd Street and Lexington Avenue. The announcement comes at a difficult time for the New York real estate market, especially in Manhattan. Development of the Hudson Yards neighborhood, on Manhattan's West Side, will soon be complete, with more than 1.6 million square meters of new office and residential space. That has driven prices down even further for older buildings. Another factor for potential buyers to consider: the The Chrysler Building in midtown Manhattan is one of land on which the Chrysler Building stands is one- the most iconic buildings in the New York skyline third owned by Cooper Union, a private university. In 1997, Tishman Speyer negotiated a long-term lease with the university that ran through 2147. The Chrysler Building, one of the most iconic That deal called for the annual rent to rise from structures in New York, has been put up for sale by $7.8 million in 2017 to $32.5 million from its owners, Emirati investment firm Mubadala and 2019-2027, according to documents seen by AFP. real estate group Tishman Speyer. The value of the land alone was estimated at $679 The owners did not set a selling price, a source million in late 2017. close to the sale told AFP on condition of anonymity, confirming a report that was first The Chrysler Building, which opened in 1930, published in The Wall Street Journal. stands 1,046 feet (319 meters) tall. It was the world's tallest building, but only for 11 months, The building in midtown Manhattan, considered an when it was dethroned by the Empire State Art Deco masterpiece, was acquired in 2008 by Building, also in Manhattan.
    [Show full text]
  • Leading by Example
    PUERTO DE SOMPORT 21-23 MADRID / SPAIN LEADING BY EXAMPLE Sustainable development for an environmental and human respectful work environment PUERTO DE SOMPORT 21-23 MADRID / SPAIN OVERVIEW ABOUT PUERTO DE SOMPORT 21-23 Located in the North of Madrid, in the Las Puerto de Somport 21-23 is a 20,000m2 Tablas District, Puerto de Somport 21-23 is building designed to deliver on Tishman the first stage of a three-phase development. Speyer’s ambitious Sustainable Development Once all phases are complete, the complex 2 goals. The project has been developed in will total 60,000m dedicated to office space the framework of a joint venture between and amenities. The development is adjacent Tishman Speyer and Metrovacesa, a partner to Madrid Nuevo Norte, an ambitious urban with great local expertise. Thanks to an all- regeneration scheme intended to help fulfil glass façade and higher-than-usual ceiling the City of Madrid’s contribution to the heights, the six-story construction (ground Sustainable Development Goals of the UN floor plus five) optimizes natural light. 2030 Agenda. There are two impressive lobbies with five- CONTEXT meter ceiling heights and workspaces with three-meter-plus ceiling heights. Puerto To incorporate sustainability holistically de Somport 21-23 offers a unique office throughout the project, Tishman Speyer set environment, with flexible space that can ambitious objectives based on LEED and be adapted according to tenants’ needs. It WELL standards and conducted a life cycle comprises premium serviced offices, retail assessment (LCA) as part of the building and dedicated spaces for wellbeing, such as design process.
    [Show full text]
  • Real Estate Group of the Year: Sullivan & Cromwell by Mccord Pagan
    Portfolio Media. Inc. | 111 West 19th Street, 5th Floor | New York, NY 10011 | www.law360.com Phone: +1 646 783 7100 | Fax: +1 646 783 7161 | [email protected] Real Estate Group Of The Year: Sullivan & Cromwell By McCord Pagan Law360 (February 15, 2019, 4:17 PM EST) -- Sullivan & Cromwell LLP last year handled transactions such as GGP Inc.'s $14.8 billion buyout by Brookfield Property Partners and the San Francisco Giants' $1.6 billion redevelopment of the land around its stadium, earning it a spot as one of Law360's Real Estate Groups of the Year. Robert Schlein, managing partner of Sullivan & Cromwell's real estate practice, said one of the strengths of the group is its place within the broader corporate practice area of the firm, allowing attorneys to work with companies on transactions that overlap into other fields, such as private equity or sports. Schlein said that structure gives them a competitive advantage and is more enjoyable for the client. "There's a small team working with them as opposed to different pockets they're not as familiar with," Schlein said. "We really think of ourselves as both real estate lawyers and general corporate lawyers." At the firm of about 900 lawyers, the roughly 27 partners and associates in the real estate group work mostly out of New York, though some are in London, Tokyo and Frankfurt. Partner Anthony Colletta said Sullivan & Cromwell's representation of Goldman Sachs unit Broad Street Principal Investments LLC as it acquired about $750 million worth of residential San Francisco real estate from multiple sellers — about 1,450 apartments across 61 buildings — is an example of the depth of the real estate group.
    [Show full text]
  • Operational Excellence
    OVERVIEW Nike’s Greater China headquarters campus LEED® GOLD HIGHLIGHTS / STATS consists of a nine-story, Class A office Li Na office building: The Li Na and Liu Xiang buildings have both 379,140 sq. ft. building, Li Na, and a five-story conference been certified LEED® (Leadership in Energy (35,220 sq. m.) center, Liu Xiang, which houses conference and Environmental Design) Gold Core & Shell Liu Xiang conference facilities, media rooms and exhibition spaces. v2009, which emphasizes occupant comfort center: 218,600 sq. ft. Nike’s 600,000 sq. ft. (55,740 sq. m.) campus and well-being. (20,310 sq. m.) is part of The Springs, Tishman Speyer’s 20% savings on largest development project in China, CONNECTING TO THE COMMUNITY annual energy The Yangpu District is one of four urban costs, compared to situated in Shanghai’s Yangpu District, less ASHRAE 90.1-2007 than eight miles from the central business submarkets in Shanghai, centrally located baseline district. between the city’s two major airports. The 29% of site dedicated OPERATIONALUpon completion, The Springs will encompass Springs is conveniently situated along a to green space 9.7 million sq. ft. (900,230 sq. m.) spread over major transit hub and important education Adjacent to a 33-acre a 66-acre site. The full-service community corridor, with three of China’s most wetland ecological reserve EXCELLENCEoffers an eco-friendly lifestyle and will provide distinguished universities nearby. A number approximately 900 serviced apartment units of sports centers, shopping, and mixed- and nearly 8 million sq. ft. (740,000 sq.
    [Show full text]
  • Glass from Glass
    VERDE SW1 LONDON / UK GLASSOVERVIEW FROM Nike’s Greater China headquarters campus LEED® GOLD consists of a nine-story, Class A office The Li Na and Liu Xiang buildings have both GLASSbuilding, Li Na, and a five-story conference been certified LEED® (Leadership in Energy center, Liu Xiang, which houses conference and Environmental Design) Gold Core & Shell facilities, media rooms and exhibition spaces. v2009, which emphasizes occupant comfort LeadingNike’s 600,000 by sq. example: ft. (55,740 sq. Setting m.) campus a and well-being. is part of The Springs, Tishman Speyer’s precedentlargest development in the project construction in China, industryCONNECTING TO THE COMMUNITY situated in Shanghai’s Yangpu District, less The Yangpu District is one of four urban than eight miles from the central business submarkets in Shanghai, centrally located district. between the city’s two major airports. The Upon completion, The Springs will encompass Springs is conveniently situated along a 9.7 million sq. ft. (900,230 sq. m.) spread over major transit hub and important education a 66-acre site. The full-service community corridor, with three of China’s most offers an eco-friendly lifestyle and will provide distinguished universities nearby. A number approximately 900 serviced apartment units of sports centers, shopping, and mixed- and nearly 8 million sq. ft. (740,000 sq. m.) use and residential areas also enhance the of Class A office, retail, hotel, cultural and location. amenity space. CONNECTING TO THE ENVIRONMENT VISION As part of The Springs development, Nike’s Sustainability, flexibility and customization campus benefits from strong ties to the local were key goals from the outset.
    [Show full text]
  • SIGNA Group and RFR Holding JV to Acquire Chrysler Building from Abu Dhabi Inv
    SIGNA Group and RFR Holding JV to acquire Chrysler Building from Abu Dhabi Inv. Council and Tishman Speyer April 02, 2019 - Front Section Manhattan, NY SIGNA Group, one of Europe’s leading privately-owned investment companies, and real estate developer RFR Holding have agreed to acquire the Chrysler Building. SIGNA and RFR entered into a joint venture to acquire the asset from Abu Dhabi Investment Council and Tishman Speyer. According to sources, the acquisition price is $150 million. Jürgen Fenk, a member of the executive board for SIGNA Group, said, “We are thrilled that the Chrysler Building, one of the most iconic structures in the New York skyline, represents our first real estate acquisition in the U.S. In addition to acting as a strong anchor property in New York, the Chrysler Building fits perfectly into SIGNA’s portfolio of historic properties in prime city locations. We have a strong track record of developing properties for the next generation, and we look forward to working with RFR to enhance the Chrysler Building’s reputation as a leading – and increasingly sustainable – New York City landmark.” Aby Rosen, co-founder of RFR, said, “The Chrysler Building is a unique, globally-recognized property, and we are proud to be joint owners. Jointly, we aim to hold the asset with a long-term perspective and look towards evolving the building for a new era, further enhancing its iconic status.” SIGNA and RFR are connected by a longstanding and successful partnership. In 2017, SIGNA acquired a portfolio of landmark properties in Germany from RFR, making it the largest real estate transaction in Germany that year.
    [Show full text]
  • New York Business
    ADVERTISING SUPPLEMENT TO CRAIN’S NEW YORK BUSINESS Honors New York City Leaders at Annual Banquet The year 2017 was an eventful one for New York City’s real estate market. Although rents have receded for Manhattan retail properties this year, leasing of commercial property in the borough was on the upswing toward the close of the year. On the residential front, closed sales in Manhattan remained stable from the previous year; and in Brooklyn, prices for townhouses hit a record $1.2 million in the third quarter. At the same time, there were new average price records set in sales of co-ops in Manhattan, Brooklyn and Queens; sales of condos in Queens; and sales of one-to-three family dwellings in Brooklyn, Queens and Staten Island. The Bronx, meanwhile, saw a boom in development. Construction starts for 2017 are A LEGACY OF SUCCESS expected to be greater than $2 billion, making it the third year in a row, according to the New York Building Congress. “The five boroughs are buzzing with excitement,” said John H. Banks, president of the Real Estate Board of New York (REBNY). But there are also ongoing challenges that call for smart public policy. Affordable housing, construction safety, sustainability, taxes and zoning issues are among the biggest issues facing New York City’s real estate community at the moment, said Banks. “New York’s affordable housing crisis can only be addressed by increasing our production of new housing,” said Banks. “It is important to maintain the quality COMMERCIAL | RESIDENTIAL | RETAIL | FINANCE of our existing inventory of affordable housing, but we will need approximately 200,000 additional affordable units if we are to close the gap between the number of households at median income and the number of existing units at rents they can afford.” Read on to learn how REBNY is working to make a difference and for a look at the seven movers and shakers being honored at REBNY’s 122nd Annual Banquet, who are NEW YORK CITY’S LARGEST OWNER OF COMMERCIAL REAL ESTATE shaping the city’s skyline and quality of life.
    [Show full text]
  • Roberts V. Tishman Speyer Properties: a Source of False Hope for Low-Income Victims of Predatory Equity William Spirer
    Journal of Law and Policy Volume 18 | Issue 2 Article 8 2010 Roberts v. Tishman Speyer Properties: A Source of False Hope for Low-Income Victims of Predatory Equity William Spirer Follow this and additional works at: https://brooklynworks.brooklaw.edu/jlp Recommended Citation William Spirer, Roberts v. Tishman Speyer Properties: A Source of False Hope for Low-Income Victims of Predatory Equity, 18 J. L. & Pol'y (2010). Available at: https://brooklynworks.brooklaw.edu/jlp/vol18/iss2/8 This Note is brought to you for free and open access by the Law Journals at BrooklynWorks. It has been accepted for inclusion in Journal of Law and Policy by an authorized editor of BrooklynWorks. SPIRER REVISED.DOC 6/28/2010 3:43 PM ROBERTS V. TISHMAN SPEYER PROPERTIES: A SOURCE OF FALSE HOPE FOR LOW-INCOME VICTIMS OF PREDATORY EQUITY William Spirer* INTRODUCTION On the evening of October 16, 2006, the broker charged with selling Stuyvesant Town and Peter Cooper Village (“Stuy Town”) called Rob Speyer of Tishman Speyer Properties.1 The broker instructed Speyer to gather BlackRock Inc., Tishman Speyer’s partner in its bid to buy Stuy Town, as well as his team of bankers and lawyers, and rush over to her office, entering the building in groups of two in order to remain * J.D. Candidate, Brooklyn Law School, 2011; B.A. Bates College, 2004. I would like to thank my family for their ongoing support and encouragement. Thanks to Kathleen Christatos, Jill Wexler, Sarah Castle and Jon Sabin, as well as the entire Journal of Law and Policy staff, for their edits and assistance throughout the writing process.
    [Show full text]
  • Chrysler Spire by Eric Hammarberg.Indd
    A Case Study of Early Steel Curtain Wall There are Behind the stainless steel cladding, the By Eric Hammarberg, Assoc. AIA approximately 12,500 panels of façade walls of the spire are a 12-inch (30 stainless steel sheet metal totaling 125,000- cm) thick mix of common brick and terra th square feet (12,000 sm); 105,000-square feet cotta block up to the 75 fl oor. From the th st (10,000 sm) below the 75th fl oor and 20,000- 75 to the 81 fl oor, the exterior walls taper square feet (2,000 sm) above; with 115,000- from 12-inches (30 cm) to 6-inches (15 cm). st linear feet (35,000 m) of joints and seams. Above the 81 fl oor, approximately 900-feet The spire portion of the façade is punctuated (275 m) above the sidewalk, the spire consists by 120 triangular windows. Each window only of stainless steel sheet metal cladding The Chrysler Building, extends over two fl oors in height. These anchored directly to the exposed structural windows are composed of a mix of operable steel. There is no additional waterproofi ng or an icon casement sashes and fi xed lites. Originally, all other protection. of Modern “window” openings above the 74th fl oor were The Chrysler Building is a ©designated American Copyrightopen with no glazing. Glazing had later been New York City Landmark, is on the Nation- Architecture added to the window openings above the 75th al Register of Historic Places and is clearly one and a personal fl oor, but 75 remains open to the elements.
    [Show full text]
  • Real Estate Alert
    MARCH 18, 2015 Trinity Church Weighing Bids on NY Portfolio Trinity Church quietly took initial bids last week on the leasehold interests in four 2 Office Fund Lines Up $300 Million Manhattan office buildings valued at more than $1 billion. The properties, in the Hudson Square submarket, encompass 2 million square 2 Upgraded Dallas Offices on the Market feet that are 98% occupied. CBRE is marketing them as a package. 2 High-End Apartments Offered in Austin Market pros think the portfolio could sell for up to $1.25 billion, or $625/sf. Based on estimated net operating income of roughly $45 million, the buyer’s initial 3 Grocery-Center Bundle Up for Grabs annual yield at that valuation would be 3.5%, in line with that of other well-leased office properties in Manhattan. 4 Listed Complex Could Be Expanded The in-place rents are well below the average market asking rent. That means a 6 Boston Lab Building on the Block buyer should be able to boost its return as leases roll over. Average asking rents in Hudson Square climbed $13.37/sf last year, to $71.45/sf, according to CBRE. 8 Senior Pros Eyeing Later Retirement Buyers of leasehold interests in Manhattan typically pay monthly rent on the underlying land over a 99-year lease. But one source said Trinity is seeking 8 Single-Family Rentals Offered in Fla. See TRINITY on Page 12 8 Equity Needed for NY Rental Project 10 Offices Near Boston Shopped High-Yield Funds Thriving Amid Bull Market 10 Apartment Fund Holds Final Close Many key metrics are on the rise for high-yield real estate funds.
    [Show full text]
  • LIC: Community Through Crisis December 1, 2020 : 9AM - 11:30AM
    LIC: Community Through Crisis December 1, 2020 : 9AM - 11:30AM @LICPartnership @LICQNS #LICSummit #LICSummit 1 LIC Summit is hosted by Long Island City Partnership’s mission is to advocate for economic On behalf of the Long Island City We wish to thank all of our elected officials, development that benefits Long Island City’s industrial, commercial, cultural, Partnership, and our co-hosts sponsors, partners, and civic and business leaders and residential sectors. The goal is to attract new businesses to LIC, retain who have been a driving force for Long Island City those already here, welcome new residents and visitors, and promote a vibrant Modern Spaces and Schneps Media, and who continue to work together to support our and authentic mixed-use community. The LIC Partnership operates the Long community through COVID-19. We also thank our Island City Business Improvement District and the LIC Industrial Business we welcome you to the seventh Zone, among other programs. annual LIC Summit, LIC: Community stellar Board for helping us put together such a high quality program. LIC is an authentic, creative, transit rich live-work-innovate community directly Through Crisis. across from midtown Manhattan. You’ll find everything here—from industrial, LIC entered this crisis as a highly attractive tech, life sciences, film and television, creative office, design, culinary and For the past six years, the LIC Summit has provided live-work-create city within NYC, sitting at its Fortune 500 companies; to genuine connections for entrepreneurs and residents; and inspiring creativity in its cultural institutions and artists. an opportunity to celebrate LIC in its regional geographic center.
    [Show full text]