Our integrated platform brings proven expertise to every aspect of global real estate to meet the needs of premier organizations around the world.
With Tishman Speyer's long-standing presence in key markets throughout the world, our regional acquisitions and development specialists possess decades of hands-on experience, intimate local market knowledge and an extensive network of relationships with investment and real estate professionals, property owners and civic and community leaders. This depth of experience and expertise provides Tishman Speyer with a competitive advantage in identifying and closing attractive investments both on- and off-market.
Our teams specialize in sourcing the transactions where operational improvements and asset repositioning can add value. Our in-house real estate expertise enables us to determine an asset’s underlying value, often helping us identify and control investment opportunities before others, many times resulting in off-market transactions. Such knowledge and experience help to reduce investment risk and enable us to make advantageous and timely dispositions.
Tishman Speyer’s strong reputation as an operator and manager of premier real estate around the world provides an important advantage when a seller intends to remain a tenant in the property. In such circumstances, the quality of post-sale property management and tenant service is a key consideration for the seller—often topping even price as the deciding factor in selecting a buyer.
Tishman Speyer's in-house acquisitions and development professionals carefully manage each element of the due diligence process to increase the likelihood of the successful acquisition of an existing property or the development of a new property at an attractive price. The due diligence process includes:
• Analysis of the supply and demand dynamics in the selected market or submarket.
• Constant analysis of the macro- and microeconomic variables that can effect change in all major local markets around the world—such as changes in interest rates, strength of local economies, influx/flight of industries and companies into or out of submarkets and changes in local tax codes—that could yield strong investment opportunities for the company.
• A thorough review of the existing or proposed financial structure of the property.
• A detailed review of building expense and analysis of potential operating cost savings.
• Market validation of leasing assumptions and identification of prospective new tenants.
• In-house management and coordination of environmental consultants, legal counsel and tax experts and other professionals both within and outside of our organization.
Tishman Speyer's acquisitions and development expertise is reflected in many of the world's iconic properties, as well as throughout the company’s current portfolio of assets. Among our signature assets are New York’s Rockefeller Center, the Chrysler Center in New York, Berlin’s Sony Center, Frankfurt’s MesseTurm, London’s Millbank Tower and São Paulo’s Torre Norte.
Our goal is clear and consistent across the globe—to create exceptional spaces that meet the space requirements of modern, world-class tenants while adding value and driving returns. We also have a proven expertise in delivering large-scale and technically complex projects around the world.
Our skilled design and construction professionals have a well-established track record in overseeing the design and construction of high-quality projects globally. This ensures that our projects remain both on time and on budget for demanding end-users. Our team’s extensive experience enables them to create sustainable, creative, state-of-the-art solutions for new developments and building refurbishments. Our expertise and experience stretch across all asset classes—commercial, mixed use and residential.
Over the years, we have developed close and active relationships with world-class architects, including Foster + Partners, Pei Cobb Freed, Kohn Pedersen Fox and Murphy/Jahn, to name a few, along with leading engineers, construction managers and trade contractors. Together we have created some of the best-known signature buildings in cities around the world, such as Hearst Headquarters in New York, Torre Norte in São Paulo and MesseTurm in Frankfurt. In fact, since 2006, Tishman Speyer’s design and construction professionals have been responsible for the delivery of approximately 22 million square feet of new space across four continents.
Ever mindful of a building’s relationship with its surroundings, we are leaders in sustainability, environmental design and energy efficiency. Our firm’s design and construction experts have completed numerous sustainable projects in North America, Latin America, Europe and Asia. By the end of 2012, Tishman Speyer had completed or had in progress over 46 million square feet of sustainability-rated projects worldwide.
To explore examples of our design and construction expertise at work around the world, please take a deeper look at our portfolio:
• Mixed Use
• New Development
At Tishman Speyer, our goal is to establish long-lasting relationships with tenants and brokers in every market in which we operate. This kind of consultative relationship starts with a thorough understanding of what tenants and their brokers require.
Our in-house leasing professionals understand markets and tenants in a myriad of ways that organizations that outsource this critical function cannot. In each of our markets, our on-the-ground leasing teams speak with tenants, their brokers, leasing agents and even other real estate operators, gathering real-time market knowledge to develop forward-looking projections that are invaluable to us and our partners.
Tenants’ needs vary by market, as do brokers’, and these needs often change over time. By having our own eyes and ears in so many parts of the world, we are able to track the pulse of each particular market, enhancing our understanding of the forces driving value equation in those markets. This knowledge affords us the ability not only to create greater value in the properties we own around the world, but also to accurately evaluate and underwrite new investments.
Combined with Tishman Speyer’s Global Corporate Outreach program, which leverages long-standing relationships with multinational tenants that are expanding operations around the world, our leasing team’s efforts have resulted in new sources of investment, including off-market transactions, as well as several development and redevelopment transactions.
Tishman Speyer is a world leader in the management and operation of first-class real estate. Each of our properties is treated as a stand-alone business and has its own team of in-house property management experts. This approach ensures a focus on creating value and maximizing long-term profitability, while striving to be the landlord of choice.
It also brings countless benefits, whether in the form of superior operational and maintenance standards, or more broadly in the form of savings from our globally negotiated procurement contracts. The result is a clean, secure, well-maintained property managed to the standard of a premier, owner-occupied building.
Tishman Speyer employs over 300 in-house property management specialists who are responsible for more than 150 buildings reflecting over 74 million square feet of Class A office, residential and mixed-use properties in 48 markets around the world. They oversee all aspects of our buildings' operations, including engineering, security, fire safety and maintenance.
With a reputation as a best-in-class operator, Tishman Speyer also partners with many premier organizations to provide property and facilities management for their national and international corporate headquarters.
To ensure that our properties are operated to the highest levels of professionalism, responsiveness and efficiency, Tishman Speyer integrates customized internal programs into every building, including:
• Internal Audit
• Tenant Satisfaction Survey
• Emergency Procedures
• Tenant Portal Website
• Electronic Work Order System
• Electronic Preventative Maintenance
• Standard Operating Procedures
Tishman Speyer executes core, value-added and opportunistic investment strategies that are designed to minimize risk and enhance overall value for investors. Our investment approach capitalizes on a broad platform of in-house real estate professionals whose expertise spans all phases of property investment and management. These global resources are grounded in a consistent, disciplined investment process that combines local market knowledge and hands-on operational expertise to create value and meet our clients’ investment goals.
Since our founding in 1978, we have raised $23 billion of fund and co-investment capital for investment in real estate across the United States, Europe, Brazil, China and India. Through these investments, we have acquired, developed and managed more than 125 million square feet of real estate on behalf of our clients, representing a total value of $61.3 billion.
Tishman Speyer seeks to create value continuously across all phases of the investment life cycle. We merge the expertise of locally based investment teams with the centralized support and the deep experience of a global real estate firm. In contrast to other investment approaches that rely on third-party service providers, we employ our own skilled professionals, assuring consistent, high-quality execution in everything from sourcing, underwriting and approving investment opportunities, through the ongoing management of property operations, to the timing and strategy for ultimate disposition. The result is a well-orchestrated and disciplined pursuit of value.
Integrated Management Platform
Tishman Speyer offers investors the benefits of a broad, integrated platform of resources that effectively combines global investment management expertise with a wealth of local, hands-on leasing, asset management and property management experience. Each of our firm’s key functional areas, including acquisitions, development, leasing, property management, portfolio and asset management, debt capital markets and marketing, is actively involved throughout the life cycle of every investment. We believe our systematic sharing of ideas, expertise and market information results in better underwriting and pricing decisions, as well as a more seamless coordination of the design and execution of multifaceted strategies during investment holding periods.
Experienced Local Teams with Deep Market Knowledge
Tishman Speyer maintains 19 regional offices collectively staffed by nearly 1,400 real estate professionals and support staff. Their in-depth local market knowledge and broad network of relationships with key brokers, tenants, lenders, owners and community leaders are competitive advantages in the execution of our investment and asset management strategies.
Network of High-Quality Office Tenants
As the result of our worldwide presence and reputation as an effective owner and manager of premier office properties, we have extensive existing relationships with many of the world’s largest multinational and domestic corporate office tenants. By offering these tenants a consistently high quality of service and the ease of doing business with the same owner in multiple locations, we believe Tishman Speyer has become a “landlord of choice” for many firms as they seek to satisfy space requirements worldwide. In addition to tenant-broker relationships maintained by regional leasing professionals, our firm’s Business Development and Global Leasing team has established direct relationships with over 250 corporate real estate executives worldwide. We believe that these relationships represent a strong competitive advantage not only in the leasing/re-leasing of new, repositioned or redeveloped space, but also in providing direct access to off-market investment opportunities, such as build-to-suit or sale-leaseback transactions.
Access to Investment Opportunities
Alongside our regional operating teams, we maintain an extensive network of local, regional and global real estate and financial relationships that, in combination, are expected to provide us with access to many attractive investment opportunities. We believe that, as a result of years of interaction with leading lenders, insurers, investors, developers and operators, Tishman Speyer is among a select group of firms considered when off-market transactions and limited bidding situations arise.
Use of Third-Party Co-Investment to Enhance Returns and Improve Diversification
Tishman Speyer often attracts third-party co-investors that invest equity capital alongside our investment vehicles at the property level. Such capital may allow our funds to invest in a larger number of assets, improving overall diversification, and in larger-scale assets than would otherwise be considered. We maintain broad relationships with major financial institutions, insurance companies, private individuals and institutional investors from around the world that seek direct equity placements.
At Tishman Speyer, we continuously strive to maintain our status as a global leader in sustainability. Our firm combines a long history of developing innovative sustainable projects in the U.S. and abroad with an ongoing focus on sustainable building operations. With nearly 38 million square feet of space certified by Leadership in Energy and Environmental Design (LEED®)– BREEAM®, or HQE–Aménagement™– as of the fourth quarter of 2012 and nearly another 4 million square feet planned for certification in 2013, we remain at the forefront of sustainable building design, construction and operation. Our firm believes this commitment to sustainability serves both as a competitive advantage in attracting leading tenants and, as we seek to exit an investment, a means to maximize the pool of potential buyers.
Consistent with our integrated investment management approach, our regional asset management teams are focused on maximizing asset values. Key among manager duties are development of an annual asset plan and operating budget, and the responsibility for assuring that the goals are achieved. As part of this process, regional asset management teams lead regularly scheduled “Penta Plan” meetings for each asset, bringing together the five internal groups principally involved in executing the asset strategy: asset management, leasing, property management, accounting, and design and construction/engineering. At these meetings, asset-level operations and issues are thoroughly reviewed and addressed. Asset management teams are also responsible for continually analyzing financing, refinancing, conversion or disposition opportunities; preparing monthly and quarterly financial statements in conjunction with portfolio management; and communicating asset performance to lenders and co-investment partners.
Portfolio Management and Investor Relations
Through constant communication with regional asset management teams and ongoing financial analysis, our portfolio management teams actively manage the critical aspects of each fund’s investment portfolio, such as optimal hold periods and exit strategies; major capital improvement and leasing programs; overall fund liquidity; and the timing, type and amount of any financing that may be required. Their role is to maximize the portfolio performance. Maintaining transparency and open communication with investors is also a key priority. Portfolio managers are responsible for communicating regularly with investors about major portfolio events and for providing clear and timely investment and portfolio performance updates.
Tishman Speyer established its first institutional investment fund in 1997, and since then we have employed a range of investment strategies to pursue acquisitions and development opportunities. Through 16 private and institutional investment vehicles, we have invested approximately $10 billion of equity in 48 different global markets. The diversity of these vehicles, combined with our lengthy track record, demonstrates our ability to consistently execute investment strategies across multiple locations and under widely varying market conditions. These strategies and respective vehicles are described below:
Our core strategy focuses on acquiring well-leased, well-maintained office buildings in major global markets and maintaining strong occupancy with creditworthy tenants. It is intended to yield stable, income-producing portfolios with predictable total returns.
European Strategic Office Fund
Tishman Speyer European Strategic Office Fund (ESOF) closed in 2003 with approximately €602 million in capital commitments. ESOF acquired well-positioned assets in major Western European central business districts, including Brussels, Hamburg, Munich, London, Milan and Paris.
Our value-added strategy primarily seeks to acquire existing properties that demonstrate attractive value-creation potential. Capitalizing on our vertically integrated platform, this strategy typically involves investing in capital improvements, leasing and other revenue enhancements, as well as improving operating efficiencies. The goal is to reposition, redevelop or develop properties to maximize operating income and generate attractive total returns.
Tishman Speyer/Citigroup Alternative Investments Real Estate Venture
Tishman Speyer/Citigroup Alternative Investments Real Estate Venture (Fund I) closed in 1997 with $850 million in capital commitments. Fund I executed a value-added strategy, focusing on office buildings located in select first-tier urban central business districts, including London, Paris, New York, Chicago, Los Angeles, Silicon Valley and Boston. Fund I is fully realized.
Tishman Speyer/Citigroup Alternative Investments Real Estate Venture III*
Tishman Speyer/Citigroup Alternative Investments Real Estate Venture III (Fund III) closed in 1999 with $215 million in capital commitments. Fund III executed a value-added strategy, focusing on office buildings located in select first-tier urban central business districts, including London, Paris, Madrid, New York and San Francisco.
*Fund II was planned, but never offered to investors. After Fund I’s investment period ended, Fund III became Tishman Speyer’s value-added fund offering.
Tishman Speyer/Citigroup Alternative Investments Real Estate Venture IV
Tishman Speyer/Citigroup Alternative Investments Real Estate Venture IV (Fund IV) closed in 2000 with $359 million in capital commitments. Fund IV executed a value-added strategy, focusing on office buildings located in select first-tier urban central business districts, including London, Frankfurt, Rio de Janeiro, São Paolo, New York, Chicago, San Francisco, Los Angeles, and Washington, D.C.
Tishman Speyer/Citigroup Alternative Investments U.S. Real Estate Venture V
Tishman Speyer/Citigroup Alternative Investments U.S. Real Estate Venture V closed in 2001 with $266 million in capital commitments. It pursues a value-added strategy, focusing on office buildings located in select first-tier U.S. metropolitan markets, including New York, San Francisco, Los Angeles, Chicago and Washington, D.C.
Tishman Speyer/Citigroup Alternative Investments International Real Estate Venture V
Tishman Speyer/Citigroup Alternative Investments International Real Estate Venture V closed in 2001 with $287 million in capital commitments. It executed a value-added strategy, focusing on office buildings located in select first-tier metropolitan markets, including London, Paris, Amsterdam, Frankfurt, Düsseldorf, Hamburg, Rio de Janeiro, and São Paulo.
Tishman Speyer Real Estate Venture VI
Tishman Speyer Real Estate Venture VI (Fund VI) closed in 2004 with $1.2 billion in capital commitments. Fund VI pursues a value-added strategy focusing primarily on three opportunities: repositioning/re-leasing, redevelopment and ground-up development. The fund targets Class A commercial office properties in six markets: New York, Washington, D.C., Los Angeles, Chicago, Seattle and San Francisco.
Tishman Speyer Real Estate Venture VII
Tishman Speyer Real Estate Venture VII (Fund VII) closed in 2007 with $1.5 billion in capital commitments. Fund VII pursues a value-added strategy, focusing on repositioning, developing and redeveloping high-quality office and multifamily properties in target markets: New York, Washington, D.C., Los Angeles, Chicago, Seattle and San Francisco.
Tishman Speyer European Real Estate Venture VI
Tishman Speyer European Real Estate Venture VI (TSEV) closed in 2007 with €1 billion in capital commitments. TSEV pursues a value-added strategy, focusing on repositioning, developing and redeveloping high-quality office and mixed-use properties in European target markets, including France, Germany, Italy, and the United Kingdom.
Our opportunistic strategy primarily seeks to create value by acquiring, developing and redeveloping high-quality office, for-sale residential and mixed-use properties, as well as by pursuing targeted investments in undeveloped land parcels.
Tishman Speyer Brazil Fund
Tishman Speyer Brazil Fund (Brazil Fund I) closed in 2007 with R$1.2 billion in capital commitments. Brazil Fund I pursues development and redevelopment of high-quality office, for-sale residential and mixed-use properties that meet the needs of multinational corporations, high-quality domestic companies and Brazil’s increasingly affluent population. Brazil Fund I target markets include São Paulo, Rio de Janeiro and Brasilia.
Tishman Speyer Brazil Fund II
Tishman Speyer Brazil Fund II (Brazil Fund II) closed in 2008 with R$197 million in capital commitments. Brazil Fund II pursues development and redevelopment of international-quality office, industrial and for-sale residential properties. Target markets include São Paulo, Rio de Janeiro and Sorocaba.
Tishman Speyer China Fund
Tishman Speyer China Fund (China Fund) closed in 2008 with $884 million in capital commitments. The fund acquires, develops and manages real estate assets located in major, high-growth urban centers in China. The strategy is designed to capitalize on the compelling real estate investment opportunities created by China’s strong economic growth, increasingly wealthy middle class and massive urbanization. The China Fund target markets are Shanghai, Tianjin and Chengdu.
Tishman Speyer India Fund
Tishman Speyer India Fund (India Fund) closed in 2007 with INR$15.7 billion in capital commitments. India Fund I pursues the acquisition, development and redevelopment of high-quality office, for-sale residential and mixed-use properties throughout India, targeting three primary markets: Gurgaon, Chennai and Hyderabad. Within these markets, the focus is on submarkets that have attracted the highest demand from multinational corporations as well as companies from the technology and business process outsourcing sectors.
Since our inception, Tishman Speyer has been firmly committed to developing and operating buildings that deliver enduring value — to occupants and local communities around the world. A critical component of our success is our approach to sustainability: we believe environmentally sound practices are simply good business. Initiatives focused on energy conservation, water reduction, waste diversion and efficient operations help to reduce our environmental impact while attracting high-quality tenants and driving down operating costs.