Last summer, Tishman Speyer, defaulted on the 6.3million, 28-assetCarrAmerica portfolio, which it holds in apartnership,afteracquiring it in 2006 for $2.6 billion. Thepartnership violatedcovenants on $200 million in its revolvingcredit line. The jointventure term loan and revolver debt totalsapproximately $570 million.Tishman tried to negotiate with lendersbut ultimately they could notreach an agreement.

|

Tishman Speyer owns a number of properties in the DC area, someofwhich are not part of this portfolio, including InternationalSquare,Presidential Plaza and 1775 Pennsylvania Ave. This pastSeptemberTishman sold1099 NewYork Ave. for $90.5 million, or $517 per squarefoot--anotherproperty that was held outside of the CarrAmericaportfolio.Brookfield Properties and Tishman Speyer were unable toreturn a callto GlobeSt.com in time for publication.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.