Tishman Speyer CEO Rob Speyer and IMCO Ceo Bert Clark with New York and Los Angeles (Credit: Getty Images and IMCO)
Tishman Speyer has entered into a joint venture with a Canadian asset manager to invest $500 million into projects in gateway cities across the U.S.
As one of the nation’s largest landlords, Tishman said Wednesday it is partnering with Investment Management Corporation of Ontario, a government affiliated body that manages $63 billion in assets.
The companies said IMCO had committed to an initial $500 million investment, with options to increase by $250 million increments.
Despite signs of slowing in the housing and commercial real estate markets, Tishman CEO Rob Speyer said demand still remains high for “office space and multifamily housing in U.S. gateway cities, and we believe that will be the case for the foreseeable future.”
The two firms will target multifamily and office building projects in New York, Washington, Boston, Los Angeles, San Francisco, Chicago and Seattle.
In recent months, Tishman Speyer has had a constant stream of real estate activity. In New York, the firm sold its 10 percent stake in the Chrysler Building to RFR Realty, and then listed a building across the street, 666 Third Avenue, for sale. Its tower in Hudson Yards, the Spiral, is fast rising from the ground, and is expected to be completed in 2020.
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