Tishman Speyer and China Vanke Join Forces to Develop Luxury Residential Tower

Mon Feb 18, 2013 12:41pm EST

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World's Largest Developer Chooses Tishman Speyer to be Its First North American
Partner
SAN FRANCISCO,  Feb. 18, 2013  /PRNewswire/ --  Tishman Speyer  and China Vanke
Co., Ltd. today announced that they have formed a joint venture to develop a
premier high rise residential condominium project at 201 Folsom Street in San
Francisco.  The planned development, which will be managed by  Tishman Speyer,
represents the first North American investment for  China Vanke, the world's
largest real estate developer.    

Financial terms of the joint venture were not disclosed.    

The joint venture agreement was completed at a formal signing ceremony held on 
February 13  in San Francisco.   China Vanke  Chairman  Shi Wang  was joined by
the company's Strategy and Investment team, while  Tishman Speyer  was
represented by President and Co-CEO  Rob Speyer, along with executives in charge
of the firm's China and  San Francisco  offices.  

The project will consist of two connected residential towers - 37 and 42 stories
high - with a total of 655 residences.  The site is located across the street
from The Infinity, a pair of residential towers that also were developed by 
Tishman Speyer.  The Infinity's residences commanded prices ranging from 
$600,000 to $6 million, and it was believed to be the fastest selling project in
 the United States  in 2009.   

For  Tishman Speyer, the new project will enhance its standing as one of the
leading developers and owners of iconic sustainable properties in  San
Francisco, which is one of the best performing residential and commercial real
estate markets in the United States.  In 2012, the firm broke ground on its
Foundry Square III office project, and is finalizing preparations to build an
office tower at 222 Second.  In addition to The Infinity,  Tishman Speyer 
previously developed the 555 Mission Street office building, and its current
local holdings include 650 California Street,  One Bush Street  and 595 Market
Street.     

The joint venture with  China Vanke  expands  Tishman Speyer's relationship base
in  China, where it has raised funds successfully from Chinese investors and
currently has approximately 20 million square feet at various stages in its
development pipeline.      

For  China Vanke, the joint venture marks the beginning of its planned expansion
outside China, as indicated in recent public statements.  The company
anticipates much synergy and mutual benefits from this project and will continue
to explore similar opportunities abroad.    

"China Vanke  has always been a company with a global view, good at learning
from excellent peer enterprises. We are entering the US market to continue this
learning process, to understand business models in a mature market and
accumulate management experience through project cooperation," said  China Vanke
 Chairman  Shi Wang. "We selected the  San Francisco  201 Folsom Project as 
Tishman Speyer  is a global industry leader and a business partner who inspires
our full confidence."  

"This landmark joint venture with  China Vanke  in San Franciso complements the
growth of our platform in  China, and we could not be more excited about working
closely with such a spectacular company," commented  Tishman Speyer President 
and Co-CEO  Rob Speyer.  "We welcome the opportunity to create another iconic
residential property in  San Francisco, following the great success of The
Infinity."       

About  Tishman Speyer  (www.tishmanspeyer.com)  
Tishman Speyer  is one of the leading developers, owners, operators, and asset
managers of first class real estate worldwide.  Active across  North America, 
Europe,  South America  and  Asia,  Tishman Speyer  is relied upon by many of
the world's most prestigious corporations to meet their office space needs.  As
of  September 30, 2012, the firm had acquired, developed and/or managed a
portfolio of over 125 million sq. ft. with a total value of over USD  $61.3
billion  since its founding in 1978.  Signature assets include  New York's
Rockefeller Center and the Chrysler Center,  Sao Paulo's  Torre Norte, Ventura
Corporate Towers in  Rio de Janeiro, and Opernturm in Frankfurt.   Tishman
Speyer  also has projects at different stages of development currently in 
Brasilia,  Chengdu,  Frankfurt, Gurgaon,  Hyderabad,  Paris,  Rio de Janeiro,
Sao Paolo,  San Francisco,  Shanghai, Suzhou and  Tianjin.

About China Vanke Co. Ltd. (www.vanke.com)
China Vanke  was founded in 1984 in  Shenzhen,  the People's Republic of China.
It is currently the largest specialized residential property developer in the
country.

China Vanke  has, so far, developed residences for over 400,000 households in
the PRC, and has provided property management services to about 200 residential
communities.  

Over the past 28 years,  China Vanke  has become one of the most respected real
estate developers in the country with annual sales of over  RMB100 billion.  

 

 

SOURCE   Tishman Speyer


Rubenstein Communications, Inc. - Public Relations, Steven Rubenstein,
+1-212-843-8043, or Rick Matthews, +1-212-843-8267; or China Vanke Co., Ltd.,
Ying Chen, cheny2@vanke.com, or Nai Chao Wang, wangnc2@vanke.com

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