Tishman Speyer Buys Warehouses in Latest Pivot Outside New York
(Bloomberg) -- Manhattan developer Tishman Speyer is making its first investment in warehouses as it continues to expand outside of New York.
The firm paid more than $155 million for two industrial properties, located near airports in Colorado and Pennsylvania, that are leased to Amazon.com Inc. The investments were the first acquisitions from a $500 million joint venture between Tishman and Hana Financial Group that aims to target various assets and global markets, according to a statement Wednesday.
“Over the last decade we’ve made a major push to diversify our global platform and industrial is the latest step in that effort,” Rob Speyer, chief executive officer of Tishman Speyer, said in an interview.
Tishman, which owns the Rockefeller Center in New York, has been ramping up investments outside of the city. The firm bought its first buildings in Austin earlier this year and recently launched a $1.5 billion fund with South Korea’s National Pension Service focusing on new technology, lending and affordable housing across the U.S. It’s also focused on life sciences deals globally.
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