Tishman Speyer, Bouwinvest Launch New U.S. Office Properties Fund

Tishman Speyer and Bouwinvest Real Estate Investors are creating a joint fund to purchase top-tier office properties across the U.S., and Manhattan’s Chrysler Building was its first investment.

Known as Bouwinvest-Tishman Speyer SMA, the fund will target all the major office markets in the country, as well as cities that have established a reputation for growth, according to an announcement from the joint venture.

The fund is where Tishman Speyer got the cash to acquire a 150-year ground lease for the landmark Chrysler Building earlier this month, according to the JV. That deal came with a $235 million agreement to renovate the historic tower.

“The Chrysler Building is a fitting first investment for this mandate and shows how we invest internationally: selectively, early in the cycle and through specialist partners like Tishman Speyer,” Robert Wagenaar, director of North American investments for Bouwinvest, said in a statement. “We now see a compelling tactical opportunity in the U.S. office market to invest with a strong locational focus and brown-to-green angle.”

It is unclear how many properties the fund will target or how much money has been allocated by the two firms.

Bouwinvest and Tishman Speyer also recently launched another fund, filling the coffers of the Korea Living Venture, which will invest $400 million fund in the acquisition, repositioning and development of multifamily assets in Seoul, South Korea.

“Together, we see attractive opportunities to acquire well-located office assets in markets with durable demand drivers and limited new supply, and reposition them to meet the evolving needs of today’s customers,” Nate Shanok, senior managing director for Tishman Speyer, said in a statement.

Mark Hallum can be reached at mhallum@commercialobserver.com.