Tishman Speyer and Philips Electronics Ink Large Lease in São Paulo, Brazil

Tishman Speyer announced earlier this week that Philips do Brasil — a subsidiary of Royal Philips Electronics of Holland, has signed a five-year lease agreement for approximately 95,000 square feet at The Castelo Branco Office Park, a Class A project under development in São Paulo’s Barueri suburb.

Philips will take four floors at the office park’s first building, as the company consolidates offices currently located in two Sao Paolo locations. Philips is the second large company to relocate to the complex, joining Redecard, which announced in January that it would take 77,000 square feet of space. Together, the companies account for 51 percent of the rentable space in the project’s first tower.

The Castelo Branco Office Park project is being developed by Tishman Speyer in partnership with Toledo Ferrari Construtora e Incorporadora. It was begun in 2008 and is being developed in phases as the demand for high-quality office space outside São Paulo’s downtown grows. At completion, it will consist of six towers ranging from 14 to 26 stories high with a horizontal corporate space for parking and services. The property, occupying 27 acres, will include a large central square with several plant species, coffee kiosks and living areas. This will be an exclusive space for pedestrians walking across the project. Areas for shops and convention centers have been projected for the ground level of the complex.

Transportation in and out of the office park will be facilitated by an avenue being built by the developer on land it is donating for the purpose. The new avenue will connect existing roads and enhance the overall flow of vehicles in the region.

“We’re very pleased to establish this early leasing success at The Castelo Branco Office Park,” said Daniel Cherman, Tishman Speyer managing director and country head for Brazil. “We see increasing demand for top-quality office space outside São Paolo’s existing business district, and we are well-positioned to meet that demand with this project.”

Senior Managing Director Katherine Farley commented, “Royal Philips Electronics is a world-class organization that has been operating in Brazil for over 80 years. The company’s leaders recognized the advantages of relocating to our property, and we now look forward to working with them. We have developed a business strategy that is based in part on the development of strong ties with leading multi-national companies. That strategy is paying off.”

President and Co-CEO Rob Speyer added, “This transaction comes on the heels of Tishman Speyer’s record-breaking leasing results of a year ago. Along with a major transaction we just announced in India and others now in the pipeline, we are off to a strong start in 2010. We anticipate continued success — our global platform is well positioned to take advantage of the emerging office needs of the world’s great companies.”

The firm’s Brazil portfolio includes two major office complexes that hold LEED Gold certification — the Ventura Corporate Towers in Rio de Janeiro, and the Rochaverá Corporate Towers, in São Paulo. Also in São Paulo, Tishman Speyer has just delivered the Landmark Nações Unidas project. In addition, the firm is developing two important corporate projects in Rio de Janeiro’s marketplace, the Presidente Vargas building and the Edifício Sul América retrofit.

About Tishman Speyer

Tishman Speyer is one of the leading owners, developers, operators, and fund managers of first-class real estate in the world. Since 1978, Tishman Speyer has acquired, developed and operated over 325 projects totaling over 116 million square feet and a property portfolio of over US$54.2 billion in total value across the United States, Europe, Latin America and Asia, including signature properties such as New York’s Rockefeller Center and Chrysler Center, Berlin’s Sony Center and Torre Norte in São Paolo, Brazil.

{Via PR Log)

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