Tishman Speyer is making a big play for investing in industrial properties that prioritize ESG and adhere to the standards and specifications set forth by market leading environmental certifications such as LEED and GRESB.
It and Mitsui Fudosan America (MFA) this week announced the formation of a new programmatic joint venture dedicated to the acquisition, development, redevelopment and operation of such properties in leading U.S. cities.
The newly created Tishman Speyer-Mitsui Fudosan America Logistics Venture will be seeded by an initial $500 million commitment from an affiliate of MFA along with co-investment capital from Tishman Speyer.
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The fund "will be used to pursue ground-up development projects and the major repositioning or redevelopment of existing value-add industrial acquisitions" in major urban centers with "dynamic workforces," and high barriers to entry, according to a company release.
Among those locations are Los Angeles, the New York Metro region, the Puget Sound region, San Francisco Bay Area, Austin, San Diego, Washington, D.C., Boston and Chicago.
Tishman Speyer will invest in a wide range of industrial assets that facilitate the movement and delivery of goods and services in those locations, including distribution, warehousing, research and development, small bay, transload and outdoor storage.
"Through this new joint venture, we intend to create and operate facilities that bring companies closer to their customers," Tishman Speyer CEO Rob Speyer said in prepared remarks.
Sean McSweeney, Senior Vice President, Acquisitions, at Mitsui Fudosan America, said in prepared remarks, "This is an exciting area for the growth and expansion of our portfolio."
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