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NEW YORK CITY-Locally based Tishman Speyer Properties gained majority control of a 7.3-million-sf portfolio containing 12 properties in eight US cities from GIC Real Estate, the real estate arm of the Singapore government. The properties, which are all in or near major markets including San Francisco and Chicago, have a total value of just under $1.9 billion. This is one of TSP’s largest transactions since its acquisition of Rockefeller Center.

TSP acquired the class A sites through an Australian-based trust which will initially hold a 45.9% interest in the assets. A Tishman Speyer-managed US Fund will hold another 5.1%, while GIC RE will hold the remaining 49%. The properties are located in cities where Tishman Speyer already has a presence and are seen as “core assets” and a “good fit” for the company.

In the portfolio are the nearly 2.5-million-sf AT&T-USG Complex in Chicago‘s West Loop, and One Bush St. and 595 Market St. in San Francisco’s financial district. Manhattan properties involved in the deal are the 719,000-sf 300 Park Ave. in Midtown, the mixed-use City Spire and the 319,000-sf 40 Broad St. The 1.1-million-sf Bala Plaza in Bala Cynwyd, PA, 52 Pike St. in Seattle and the 590,000-sf Greenwich American Center in Greenwich, CT were included. 400 Castro St. in Mountain View, CA and Milwaukee’s Plaza East round out the properties in the deal.

The properties are leased to firms including ColgatePalmolive, Credit Suisse First Boston and AT&T. TSP willmanage and lease all the properties in the portfolio.

“In this portfolio, we saw an exceptional opportunity to obtain anoutstanding and diverse array of core assets with blue-chip tenanciesand strong lease profiles,” says Jerry I. Speyer, president and CEO ofTSP, adding that the firm see this as an opportunity tobuild on an alliance with GIC Real Estate. The pair were previously involved in transaction for the Boston-based project.

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