SAN FRANCISCO- Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the news, but GlobeSt.com has learned that New York City-based Tishman Speyer is reaching across the Pacific to consummate a deal here. Tishman is bringing China Vanke Co. Ltd., billed as world’s largest developer, to the states in a joint venture to construct a two-tower residential asset at 201 Folsom St.
Financial terms were not disclosed, but the project calls for the creation of 655 residences in the two interconnected towers, one 37 stories and the other 42 stories high.
This first US project marks the beginning of a global push, meaning outside China, for Vanke. “China Vanke has always been a company with a global view, good at learning from excellent peer enterprises,” says China Vanke chairman Shi Wang in a statement. “We are entering the US to continue this learning process, to understand business models in a mature market and accumulate management experience through project cooperation.” He went on to say that the Folsom project was particularly appealing because of the on-the-ground expertise Tishman Speyer brings to the JV.
In fact, anyone need proof of Tishman’s history in the city, they need only look across the street from the new development site, where The Infinity, a pair of residential towers that also were developed by Tishman Speyer. The Infinity’s residences commanded prices ranging from $600,000 to $6 million.