March 14, 2011

Tishman Speyer regains footing

Posted in Philanthropy tagged , , at 4:13 pm by philanthropynews

After major suffering during downturn, firm is now buying, selling, leasing and restructuring at a fast clip

Tishman Speyer Properties may have suffered one of the biggest debacles of the downturn with Stuy Town and Peter Cooper Village, but the firm appears to be getting its footing back.

Over the past year, the 33-year-old Manhattan-based company has gone on a spree of buying, selling, developing and leasing buildings, as well as restructuring some of its debt.

Last year, the firm bought around $1.06 billion of property around the world, up from $99 million in 2009, according to the Wall Street Journal. It wasn’t just a purchaser, though: The firm sold about $1.9 billion worth of property in 2010, up from $500 million a year earlier.

Experts agree that going back to the basics — which for the firm is office buildings, not the multifamily world — is serving Tishman Speyer well.

“They’ve righted their ship to concentrate on what they do best, which is the office sector,” said Ben Thypin, director of market analysis at Real Capital Analytics in Manhattan. “That makes sense. It reflects how forgiving the real estate market can be.”

(Read more via The Real Deal.)