Feb. 18, 2013
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
, represents the first North American investment for
, 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
in San Francisco.
was joined by the company's Strategy and Investment team, while
was represented by President and Co-CEO
, along with executives in charge of the firm's China and
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
. 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
, the new project will enhance its standing as one of the leading developers and owners of iconic sustainable properties in
, 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,
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
's relationship base in
, where it has raised funds successfully from Chinese investors and currently has approximately 20 million square feet at various stages in its development pipeline.
, 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.
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
. "We selected the
201 Folsom Project as
is a global industry leader and a business partner who inspires our full confidence."
"This landmark joint venture with
in San Franciso complements the growth of our platform in
, and we could not be more excited about working closely with such a spectacular company," commented
Tishman Speyer President
. "We welcome the opportunity to create another iconic residential property in
, following the great success of The Infinity."
About Tishman Speyer (
is one of the leading developers, owners, operators, and asset managers of first class real estate worldwide. Active across
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
since its founding in 1978. Signature assets include
's Rockefeller Center and the Chrysler Center,
, Ventura Corporate Towers in
Rio de Janeiro
, and Opernturm in Frankfurt.
also has projects at different stages of development currently in
Rio de Janeiro
, Sao Paolo,
, Suzhou and
About China Vanke Co. Ltd. (
was founded in 1984 in
the People's Republic of China
. It is currently the largest specialized residential property developer in the country.
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,
has become one of the most respected real estate developers in the country with annual sales of over