Tishman Speyer, Bouwinvest Launch U.S. Office Investment Mandate

Tishman Speyer and Dutch real estate manager Bouwinvest Real Estate Investors have formed a separately managed account to buy top-tier U.S. office buildings.

The vehicle’s first investment is the 150-year ground lease on Manhattan’s Chrysler Building, which Tishman Speyer and partners led by Canada’s PSP Investments finalized Oct. 7 with landowner Cooper Union. The deal includes a $235 million plan to restore and modernize the 77-story, 1.3 million-square-foot tower, financed entirely with equity.

The SMA will pursue core-plus and value-add office deals in gateway cities including New York, Boston, Chicago and San Francisco, as well as established growth markets, targeting areas with resilient demand and limited new supply. It may invest alongside other Tishman Speyer office vehicles and institutional partners.

“We now see a compelling tactical opportunity in the US Office market to invest with a strong locational focus and brown-to-green angle,” said Robert Wagenaar, Bouwinvest’s director of North American investments.

Bouwinvest, which grew out of Dutch construction workers’ pension fund bpfBOUW, serves more than 35 institutional clients. It recently joined the first close of Tishman Speyer’s roughly $400 million Korea Living Venture, which targets multifamily and accommodation properties in Seoul.