Last summer, Tishman Speyer, defaulted on the 6.3 million, 28-assetCarrAmerica portfolio, which it holds in a partnership,afteracquiring it in 2006 for $2.6 billion. The partnership violatedcovenants on $200 million in its revolving credit line. The jointventure term loan and revolver debt totals approximately $570 million.Tishman tried to negotiate with lenders but ultimately they could notreach an agreement.
Tishman Speyer owns a number of properties in the DC area, some ofwhich are not part of this portfolio, including International Square,Presidential Plaza and 1775 Pennsylvania Ave. This past SeptemberTishman sold1099 New York Ave. for $90.5 million, or $517 per square foot--anotherproperty that was held outside of the CarrAmerica portfolio.Brookfield Properties and Tishman Speyer were unable to return a callto GlobeSt.com in time for publication.
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