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.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
