Big Buyers Line Up for Stuy-Town

The massive apartment complexes Stuyvesant Town and Peter Cooper Village are attracting interest from some key players.

A group that includes Pershing Square Capital Management and Winthrop Realty Trust hopes to gain ownership of Peter Cooper Village and Stuyvesant Town at an Aug. 25 foreclosure auction.

Investor William Ackman says the group hopes to convert rental apartments into affordable co-ops, The Wall Street Journal reports. . Ackman said his group would work with the complex’s tenants association to ensure the co-ops would be affordable so people who live there now would be able to buy their units, the newspaper said.

Other creditors and potential buyers also are wrangling for control of the property.

(Read more via NBC New York.)

Tishman Speyer Announces Recapitalization at Dublin Corporate Center

Dublin, CA (PRWEB) August 17, 2010 – Tishman Speyer announced recently that it has recapitalized its Dublin Corporate Center office campus by buying back all of the property’s debt at a discount and committing new capital that will be used to fund future capital expenditures and leasing costs.

The announcement follows several other debt transactions completed by the firm, including recent large portfolio debt restructurings in Chicago and Washington, DC, and the restructuring of property debt for a downtown Seattle office tower.

“This substantial commitment of new capital illustrates our overall positive view of the Tri-Valley submarket east of San Francisco. More specifically, it signifies our desire to continue ownership of one of the area’s finest properties situated at one of the best locations. We look forward to continue providing our tenants with superior office accommodations at Dublin Corporate Center,” said Tishman Speyer Co-CEOs Jerry Speyer and Rob Speyer.

Dublin Corporate Center is an 18.6-acre Class A office campus consisting of three four-story office buildings totaling 440,278 square feet. It is strategically located along the 580 corridor in the Dublin submarket, which is part of the greater Tri-Valley market and is one of the fastest growing submarkets in the San Francisco Bay Area. The Tri-Valley’s attractive demographics, excellent amenities, and extensive public and private transportation infrastructure have made it one of the most desirable markets in the Bay Area for large, credit-worthy corporate tenants.

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.

###

Tishman Speyer Successfully Negotiates with Banks to Retake Control of 19 Acres at Playa Vista

Tishman Speyer can complete its Master Planned Campus that will surround the recently completed Central Park

Los Angeles, CA (PRWEB) August 12, 2010 – Tishman Speyer announced recently that it has concluded a transaction to retake control of 19 acres of zoned office development land in West Los Angeles at The Campus at Playa Vista. In January, the firm completed the first phase of the Campus at Playa Vista development — a 325,000-square-foot four-building project that is 70 percent leased to Belkin International and the University of Southern California – and has entitlements to develop approximately 600,000 square feet of additional commercial office space on the property.

With the completion of this transaction Tishman Speyer can complete its Master Planned Campus that will surround the recently completed Central Park. The new park, recently honored by the American Institute of Architects / LA, includes horticulture gardens, a soccer field, basketball and volley ball courts, and an outdoor amphitheater.

“We are extremely pleased to consummate this transaction which will enable us to develop this property as the West Los Angeles office market recovers,” said Tishman Speyer Senior Managing Director John Miller. “Playa Vista has a great future as the region’s foremost sustainable mixed-use work/play community and we intend to do our part to bring it to its full potential.”

The transaction does not include a group of historic industrial buildings and land surrounding those buildings, which will continue to be controlled by the receiver for the lenders who financed the original acquisition in 2007.

Located in the eastern portion of the Playa Vista community, The Campus at Playa Vista is adjacent to the intersection of Jefferson Boulevard and Centinela Avenue in West Los Angeles and in close proximity to some of Southern California’s premiere beaches. The recently-completed portion of the project was constructed in accordance with LEED Gold standards.

About Playa Vista

Today, more than 6,500 people live at Playa Vista, the first mixed-use community to be built in West Los Angeles in the last 50 years. With 70 percent of its original 1,086-acre land area designated as parks and open space, Playa Vista has been hailed as a model urban development, including recognition as a recipient of the prestigious Ahwahnee Award. Situated between Marina Del Rey and Westchester, just about a mile from the beach, Playa Vista is adding critically needed housing on Los Angeles’ Westside. Commercial, retail and open space are mixed into this balanced community. All properties are located within walking distance of at least one of a dozen parks, and the community is within easy reach of Santa Monica, Venice, Century City and LAX.

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.

###