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NEW DELHI-Tishman Speyer and ICICI Venture have unveiled plans to develop 1.5 million sf of class-A office space on the outskirts of Hyderabad, India. The development will be located on 12 acres acquired in Nanakramguda Special Economic Zone. Tishman and ICICI have formed a joint venture vehicle, known as TSI, for the project.

The project is the first for TSI, which was formed specifically to developing office properties to meet the space needs created by India’s burgeoning economy. It is also the first Asian investment for Tishman Speyer–the New York City-based developer and owner of signature properties that is already active in North America, Latin America and Europe. Through TSI, a 50/50 joint venture, the partners plan to push into China after the India strategy is completed.

TSI has already engaged architect Pei Cobb Freed & Partners LLP to design an asset that will consist of either one or two office buildings with large floor plates and up to 20 stories. Total project cost is expected to be in excess of $100 million.

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