Dubbed Tishman Speyer GSC, the newly minted JV will set up shop in Shanghai and Beijing and focus on building a portfolio of office, residential and mixed-use assets. In a statement, officials of the JV explain that "the new partnership is designed to benefit from the accelerating demand among expanding multinational corporations and increasingly prosperous Chinese companies. The venture will also focus on the growing demand for high-end residential properties, fueled by the expanding Chinese middle class, and by the enormous numbers of Chinese who are moving into key cities seeking higher standards of living."
The operation will be helmed jointly by co-chairpeople from each side of the partnership. From Tishman comes senior managing director Katherine G. Farley, who is responsible for the firm's activities in emerging markets. From GSC comes vice chairman and co-founder Keith W. Abell, who plans on pulling up New York City stakes and relocating to Shanghai.
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
