Real Estate Board of New York’s 120th Annual Banquet

In January, Rob Speyer spoke at the Real Estate Board of New York’s 120th Annual Banquet, where discussion focused on the city’s need for new developments that will foster continued economic growth and job creation.

“A new study by New York City Economic Development Corporation found that we need more office space — a lot more,” Speyer stated. “We’ve asked leading public and private sector experts to give their views on the state of the commercial real estate market, and what NYC needs to do to maintain our edge as a 21st century global economy.”

From 1960-1975, there were 169 new buildings that lent 110 million square feet in office space in New York City; from 2000-2015, only 35 new office buildings were built.

 “As a city, and as an industry, we are making great strides in expanding our commercial districts and modernizing our office inventory, but more work needs to be done,” said Speyer. “Even as Hudson Yards and the new World Trade Center reshaping our skyline, we must push ahead with Midtown East rezoning, and we must continue to nurture emerging commercial markets.”

Watch the full REBNY video below:

Rob Speyer talks the future of transportation in cities

In a speech at the Urban Land Institute’s 2016 Asia Pacific Summit in Shanghai, Rob Speyer discussed the important connection between transportation and real estate in cities across the world.

With an enormous number of people expected to move to cities in the future, mayors are in a unique position to craft smart, sustainable transportation policies – and Speyer noted that connectivity is key.

“Inspired by China’s high-speed rail, L.A. Mayor Eric Garcetti came right here, to Shanghai, to learn how to move more people, in less time, with fewer cars,” said Speyer. “Shanghai is where Garcetti learned how to cut congestion and the air pollution that’s been suffocating L.A. for decades. The reason why the mayor has created a plan to build thirty-two miles of subways in L.A.—get the locals out of their cars and into city trains.”

“In just two decades, L.A. hopes to cut the use of private cars by 1.7 million miles each day. That’s the equivalent of six daily trips to the moon and back. It’s a winning formula. Fewer cars, less exhaust, faster trips, and it will mean a boost in real estate values.”

Speyer explained how real estate and transportation are becoming more connected every day and commended the mayors of Shanghai, Los Angeles and Rio de Janeiro for their foresight on these issues.

“So where does this lead us? If the 20th century was about driving more cars, the 21st century will be about getting those cars off the road,” said Speyer. “Where cars once helped cities to thrive and to grow, too many cars are threatening to choke that growth. That’s why in cities like Shanghai, Shenzhen, L.A., and Rio, the car of the future has become the train.”

“Transportation has always been a big part of real estate. But as more and more people jam themselves into fewer and fewer cities, transportation will become inseparable from real estate. That means get ready for more deals like the one between Vanke and Shenzhen Metro. And it also means, that what was once viewed as a perk —safe, reliable access to transportation— is becoming a requirement.”

Watch Rob Speyer’s whole speech, which can be viewed below:

 

 

 

Rob Speyer Discusses The Importance Of Global Collaboration Among Mayors

 

Rob Speyer recently discussed the significance of worldwide collaboration among mayors around the globe at the Urban Land Institute’s recent 2016 Asia Pacific Summit, which took place in Shanghai, China.

“From Shenzhen to Rio, from Los Angeles to Shanghai, these smart mayors can drive big change, because mayors are often in a better position than even national leaders to help each other get things done,” said Speyer. “We’ve all seen it. When a head of state wants to work with another head of state, it can take a long time. On the other hand, when a mayor wants to work directly with another mayor, they can get things done quickly. They can cut through the bureaucracy, the protocol, even the geopolitics.”

Speyer highlighted the importance of mayors to actively engage colleagues from throughout the world to improve their respective cities, noting the connections made between the mayors of Los Angeles, Rio de Janeiro and Shanghai when talking about developing cities of the future.

“Mayor Garcetti is tackling the age-old L.A. problem of traffic — with Shanghai ideas,” he said. “They invested heavily in building public transit, encouraging people to leave their cars and take buses and subways, easing the gridlock. In recent decades, Shanghai has built public transportation to replace private cars, and they’ve invested heavily in development around transit hubs, making a more livable city.”

Speyer called on city mayors to start addressing their excessive traffic and pollution issues before it’s too late.

“We need mayors with energy, confidence, a sense of destiny — mayors who can help all of us see around those corners,” said Speyer. “Because in our increasingly smart world, filled with smartphones and smart cars, a smart city needs a smart mayor.”

Rob Speyer’s whole speech can be viewed below:

 

 

 

The Spiral

In February, Tishman Speyer announced plans for a 65-story building in the heart of Manhattan’s West Side. Bjarke Ingles, designer of The Spiral, provides an in-depth look at the building that sits a block away from the north end of Manhattan’s High Line Park.

Additional  information can be found here.

Downtown Alliance Release Economic Growth Report

This month, the Downtown Alliance, an organization dedicated to improving the quality of life in Lower Manhattan, released a report on the economic growth and opportunity in the area. The report outlines expected growth over the course of the next five years, and investments made in the area post-9/11.

Some advances discussed in the report include:

  • Forecasted new job growth of over 45%:
    • In recent years, Lower Manhattan has seen an uptick in jobs in professional and business services, technology and media. The area is well positioned to garner a significant share of this growth through 2019.
  • New buildings in Lower Manhattan aid in drawing businesses to the area:
    • 1 World Trade Center and 4 World Trade Center became available in the Fall of 2014, and 63% of the available office space was leased within the first quarter of 2015. With 3 World Trade Center scheduled for occupancy in 2018, there will be an increase of over 2 million square feet available for rent. By the end of 2019 these buildings alone will have increased the number of people employed in Lower Manhattan by over 17,000.
  • Hotel development means added tourism:
    • There are 23 hotels scheduled to open in Lower Manhattan between 2015 and 2018. This not only increase tourism to the area, but will also bring an estimated 3,000 hospitality jobs.

For more information, the full report can be read on the Downtown Alliance’s website.

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 and BlackRock committed to orderly transition of Stuyvesant Town

Tishman Speyer would not consider a long-term management contract to continue operating the property that does not involve ownership. Without a restructuring that would keep our ownership group as part of the equity, we felt it best that the new owners install a new management team.

We are fully committed to an efficient transition of the property’s operation and are offering to continue managing the property during this period to make the transition smooth and seamless for the residents.

{Read more…}

Tishman Speyer and BlackRock-Led Joint Venture to Transfer Control and Operation of Stuyvesant Town/Peter Cooper Village to Lenders

Statement from spokesperson for the joint venture:

We have spent the last few weeks negotiating in good faith to restructure the debt and ownership of Stuyvesant Town/Peter Cooper Village. It was our hope in these discussions that our partnership would remain as part of the long-term ownership.

Over the last few days, however, it has become clear to us through this process that the only viable alternative to bankruptcy would be to transfer control and operation of the property, in an orderly manner, to the lenders and their representatives.

{Read more…}

Tishman Speyer Residential Project, Infinity San Francisco, Reports Extraordinary Sales Volume

237-unit Tower I now 100 percent closed out; 285-unit Tower II is nearly 70 percent closed after only nine months on the market

The Infinity San Francisco, a 650-unit luxury condominium development by Tishman Speyer, announced this week that its 237-unit Tower I is 100 percent closed out. The Tower I close out caps off an extraordinarily successful year in which The Infinity recorded 292 net sales – nearly 45 percent of its total 650 units of inventory. The development’s 285-unit Tower II is nearly 70 percent closed just nine months after opening in February 2009. The entire development is now more than 85 percent closed.

The Infinity’s sales velocity in 2009 has far outpaced other large-scale condominium developments in major markets across the United States, including New York, Los Angeles, San Francisco, Chicago, Washington, D.C. and Seattle. No comparable development in these markets has more than 200 net sales in 2009, with the majority recording less than 100 new sales this year.

“In a challenging real estate climate, Tishman Speyer has taken proactive steps to meet market demand,” said Carl Shannon, managing director of Tishman Speyer in the Bay Area.  “Homebuyers are telling us they are choosing The Infinity because its combination of premier waterfront location, views, quality design, amenities and fair pricing is not available elsewhere.”  

“We are now focused on selling our remaining inventory, which includes some of our best high-end units,” said Shannon.

Tishman Speyer President & Co-CEO Rob Speyer added, “These extremely strong sales results confirm our original judgment that San Francisco homebuyers would embrace this unique project with so many compelling features. Tishman Speyer’s long list of successful development projects around the world now has a new addition.”

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First Residents Move Into Tower II at Tishman Speyer’s The Infinity San Francisco

Tishman Speyer Infinity“The Infinity has tremendous momentum right now, averaging 6 sales per week and more than 130 visitors to the sales and design center each week for the past 3 months,” said Carl Shannon, managing director of Tishman Speyer in the Bay Area. “After an extremely successful public sales launch for Tower II, we are delighted to mark the next milestone at The Infinity and to welcome our first residents into the second tower.”

Full story via PRWeb