ByteDance to Create New Regional Headquarters Campus at Tishman Speyer's The Springs Development in Shanghai

2.55 Million Square Foot Acquisition and Lease Deal is Tishman Speyer's Largest-Ever Transaction with a Single Customer

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Jul 06, 2021, 11:39 ET

NEW YORK and SHANGHAI, July 6, 2021 /PRNewswire/ -- Tishman Speyer, the global multi-platform real estate developer, owner, investor and operator, today announced it has closed a transaction with Chinese technology company ByteDance to sell and lease a combined 2.55 million square feet of office and retail space at The Springs in Shanghai.

Best known in the United States for its popular TikTok social media app, ByteDance is acquiring 2.1 million square feet of office and retail space currently under development and is leasing 457,000 square feet of existing office space from Tishman Speyer at The Springs. The development value for the parcel acquired is approximately $1.25 billion.

At 2.55 million square feet, this marks Tishman Speyer's largest-ever transaction with a single customer.

ByteDance will establish its regional headquarters in four new buildings, which range in size from 4 to 29 stories. Designed by international architectural firm Gerkan, Marg & Partners, ByteDance's new campus will include six acres of parks and other highly-curated green spaces. Once completed in 2023, ByteDance will join a host of other multinational corporations, including Nike, Continental AG and Henkel, with major corporate offices at The Springs.

"All over the globe, innovative companies like ByteDance are bringing people together – often in ways beyond what was imagined just a few years ago," said Tishman Speyer President and CEO Rob Speyer. "Our mission, as a developer, property owner and investor, is to facilitate this innovation. We bring visionaries together and support them as they collaborate and create. At The Springs, we set out to make a vibrant urban community powered by such people, and as ByteDance's commitment shows, we are succeeding."

Wilson Chen, Tishman Speyer Senior Managing Director and Chief Executive Officer – China, added, "Shanghai's Yangpu District is emerging as one of the world's great innovation hubs, and The Springs will be its cornerstone for many years to come. We look forward to completing the project and attracting more leading companies who want to be part of this remarkable environment."

Launched by Tishman Speyer in 2011, The Springs will feature 9.8 million square feet of offices, residences, hotels, restaurants, retail, entertainment and cultural venues and other neighborhood amenities in Shanghai's Yangpu District. In addition to the parks, gardens playgrounds and other open spaces being developed by Tishman Speyer at the 66-acre former military airfield, The Springs has been designed to blend seamlessly with an adjacent 33-acre ecological reserve.

Tishman Speyer is also currently developing a pair of iconic skyscrapers featuring massive, mid-tower hanging gardens and rooftop gardens. The 280-meter and 250-meter twin towers of The Springs, known as "The Eye of Wisdom" is expected to be completed in 2025.

About Tishman Speyer (www.tishmanspeyer.com)

Tishman Speyer is a leading owner, developer, operator and investment manager of first-class real estate in 28 key markets across the United States, Europe, Asia and Latin America. We develop, build and manage premier office, residential and retail spaces for industry-leading tenants, as well as state-of-the-art life science centers through our Breakthrough Properties venture. With global vision, on-the-ground expertise and a personalized approach, we are unparalleled in our ability to foster innovation, quickly adapt to global and local trends and proactively anticipate our customers' evolving needs. By focusing on health and wellness, enlightened placemaking and customer-focused initiatives such as our tenant amenities platform, ZO., and our flexible space and co-working brand, Studio, we tend not just to our physical buildings, but to the people who inhabit them on a daily basis. Since our inception in 1978, Tishman Speyer has acquired, developed, and operated 453 properties, totaling 210 million square feet, with a combined value of approximately $113 billion (U.S.). Our current portfolio includes such iconic assets as Rockefeller Center in New York City, The Springs in Shanghai, TaunusTurm in Frankfurt and the Mission Rock neighborhood currently being realized in San Francisco.