UPDATE 1-Tishman, NY Fed in talks on Chicago loans

(Recasts; changes source, adds company and NY Fed comments)

BANGALORE Dec 8 (Reuters) - Real estate private equity firm Tishman Speyer Properties said it was in discussions with the Federal Reserve Bank of New York and other lenders to restructure loans on a portfolio of downtown Chicago office towers.

Tishman was not in default on the Chicago debt, said company spokesperson Rick Matthews.

"During the course of these discussions, the lenders have delayed funding certain capital expenditures that already had been approved and that were required under the loan agreement," the company said in a statement.

The Federal Reserve Bank, the largest of the lender group of the debt for Chicago buildings, said it holds a debt position in the buildings owned by Tishman. The bank inherited the stake after assisting in the sale of Bear Stearns Cos last year.

The bank did not give more details citing the confidential nature of the negotiations.

New York-based Tishman Speyer bought the Chicago buildings from an affiliate of Blackstone Group (BX.N) for $1.72 billion in 2007.

Tishman said the negotiations do not impact the financial status of other properties in which it has invested.

Media reports have indicated that the amount of debt involved in the negotiations is about $1.4 billion. (Reporting by A.Ananthalakshmi in Bangalore; Editing by Jarshad Kakkrakandy)