{"id":1004117237,"date":"2015-04-09T06:10:27","date_gmt":"2015-04-09T14:10:27","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004117237"},"modified":"2022-12-07T15:49:02","modified_gmt":"2022-12-07T23:49:02","slug":"chinese-insurance-cos-make-1st-u-s-investment-at-tishman-speyers-boston-project","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/chinese-insurance-cos-make-1st-u-s-investment-at-tishman-speyers-boston-project\/","title":{"rendered":"Tishman Speyer Attracts Chinese Money"},"content":{"rendered":"

By Gail Kalinoski, Contributing Editor<\/i><\/p>\n

\"Pier<\/a>

Pier 4, Boston rendering<\/p><\/div>\n

Two Chinese insurance companies \u2013 China Life Insurance Group Co. and Ping An Insurance Co. \u2013 have chosen Tishman Speyer\u2019s Pier 4 Boston waterfront project for their first equity investments in the U.S. real estate market.<\/p>\n

\u201cTishman Speyer is inevitably one of the best partners for China Life\u2019s property investments in America. It is a good start for China Life, which will expand its real estate investing in America, and it will promote closer cooperation in our world,\u201d China Life Investment Holding Co Ltd. officials said in a prepared statement.<\/p>\n

While the New York-based real estate giant didn\u2019t disclose the amount invested by the Chinese insurance firms, Reuters reported they are funding the majority of the Pier 4 office and condominium project. Citing an unnamed source with knowledge of the deal, Reuters said the companies were expected to invest about $167 million each in the first phase of the $500 million project. The Wall Street Journal, which broke the story Tuesday, reported each of the Chinese companies were taking one-third shares and the other third would be owned by a Tishman Speyer fund that would be the manager.<\/p>\n

Tishman Speyer stated in a news release the companies would be investing alongside Tishman Speyer Real Estate Venture VIII. The investments are being made through China Life\u2019s subsidiary, China Life Investment Holding Co. Ltd., and Ping An\u2019s real estate investment platform, Pin An Real Estate Co. Ltd.<\/p>\n

Tishman Speyer will be the general partner and manage the day-to-day development of the project in Boston\u2019s hot Seaport District. The global developer and real estate owner of major assets like Rockefeller Center purchased the property<\/a> in December. It reportedly paid $70 million for the nine-acre property from New England Development.<\/p>\n

Plans call for a 13-story, 373,000-square-foot building that will be primarily office space; a nine-story, 100-unit luxury residential condominium building; and a three-level below-grade parking facility. Both buildings will have ground-floor retail and restaurant space. The plan also includes a one-acre public park at the site which had been the location of a popular eatery, Anthony\u2019s Pier 4 Restaurant. Construction is scheduled to begin later this year with construction of both buildings completed in 2018. Tishman Speyer expects to seek LEED-Gold certification for the project.<\/p>\n

The move comes as Chinese investors are increasingly making large investments in U.S. commercial real estate. Chinese insurance companies had been barred by the Chinese government from making investments in foreign properties until 2012. While this is the first U.S. investment for China Life and Ping An, they have been active in London.<\/p>\n

For Tishman Speyer, it is an extension of the relationships it has made during the last several years as it began large development projects in China. One of its developments is The Springs<\/a> in Shanghai\u2019s Yangpu District, where Nike Inc. built a corporate campus. Other Tishman Speyer projects have been built in Tianjin and Chengdu.<\/p>\n

\u201cTishman Speyer had been an active investor and developer in China for more than a decade,\u201d Co-CEO Rob Speyer said in the release. \u201cIn that time, we have forged strong, productive relationships with both China Life and Ping An. We are really pleased that they have chosen to join us on this project.\u201d<\/p>\n

Ping An Real Estate officials said in a statement that the deal was \u201canother step forward for us in developing a strong ongoing business relationship with Tishman Speyer.\u201d The company added that it was \u201cconfident that they will be a very good partner for us in our first foray into the United States real estate market.\u201d<\/p>\n

While Tishman Speyer owns two Boston office buildings \u2013 One Federal St. and 125 High St. \u2013 the Pier 4 project is its first ground-up development in the city. It is a speculative project but the Speyers have said they expect demand for both the office and residential space. The Seaport, also known as the Innovation District, has become the epicenter of new construction in Boston. Late last year, a joint venture of Berkshire Group, WS Development and Boston Global Investors broke ground on a $600 million, 1.5-million-square-foot residential and retail property.<\/p>\n","protected":false},"excerpt":{"rendered":"

Two Chinese insurance companies have chosen a Tishman Speyer project for their first equity investment in the U.S. real estate market.<\/p>\n","protected":false},"author":1068,"featured_media":1004117239,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,11,21752,21742,21747],"tags":[],"class_list":["post-1004117237","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-midatlantic","category-mixed-use","category-latest","category-office"],"acf":[],"yoast_head":"\nTishman Speyer Attracts Chinese Money - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/chinese-insurance-cos-make-1st-u-s-investment-at-tishman-speyers-boston-project\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tishman Speyer Attracts Chinese Money\" \/>\n<meta property=\"og:description\" content=\"Two Chinese insurance companies have chosen a Tishman Speyer project for their first equity investment in the U.S. real estate market.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/chinese-insurance-cos-make-1st-u-s-investment-at-tishman-speyers-boston-project\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-04-09T14:10:27+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-07T23:49:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/04\/Tishman-Pier-4.png\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/chinese-insurance-cos-make-1st-u-s-investment-at-tishman-speyers-boston-project\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/chinese-insurance-cos-make-1st-u-s-investment-at-tishman-speyers-boston-project\/\",\"name\":\"Tishman Speyer Attracts Chinese Money - 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