Tishman Speyer Acquires Washington, D.C. Sites For Redevelopment

CBS to Occupy New Customized Building

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Jul 07, 2015, 12:50 ET

WASHINGTON, July 7, 2015 /PRNewswire/ -- Tishman Speyer, one of the world's leading developers, owners, operators and asset managers of first-class real estate, today announced it has acquired adjoining properties in Washington D.C.'s central business district for redevelopment purposes. Neither the financial terms of the transactions nor the anticipated project costs were disclosed.

The two adjoining sites located at 2020 and 2030 M St NW, will be redeveloped in two phases to accommodate a new Washington D.C. bureau for CBS, as well as a trophy office building that will be configured for multiple tenants. Redevelopment of the site is anticipated to begin in 2016 and reach final completion in 2019.

Both of the new buildings will be designed and built for LEED certification.

Tishman Speyer Co-Chief Executive Officers Jerry Speyer and Rob Speyer commented, "Tishman Speyer has had a major presence in the nation's capital for many years, and that will be the case for years ahead. We continue to look for opportunities to develop world-class office properties around the globe, and we are currently active in major cities across four continents. As the portfolio grows, the firm is providing notable companies with the space they need to do business, often in multiple locations."

Paul De Martini, regional managing director for Tishman Speyer, added, "The demand in Washington, D.C. for new Class A trophy-level office space is strong and will become stronger over the next several years. We were pleased to find such a well-located site that we'll be able to redevelop to help meet that demand. We are especially excited to be working with CBS, one of the world's great media organizations, to accommodate its needs for a more modern facility here."

About Tishman Speyer (www.tishmanspeyer.com)
Founded in 1978, Tishman Speyer is one of the world's leading developers, owners, operators, and fund managers of first-class real estate. Active across North America, Europe, South America and Asia, Tishman Speyer is relied upon by many of the world's most prestigious corporations to meet their office space needs. As of March 31, 2015, the firm had acquired, developed and/or managed a portfolio of approximately 133.8 million sq. ft. with a total value of approximately USD $73 billion. Signature assets include New York's Rockefeller Center and Chrysler Center, Sao Paulo's Torre Norte, Ventura Corporate Towers in Rio de Janeiro and OpernTurm in Frankfurt. Tishman Speyer also has projects at different stages of development currently in Atlanta, Brasilia, Chengdu, Frankfurt, Gurgaon, Hyderabad, Paris, Rio de Janeiro, San Francisco, Sao Paulo, Shanghai and Suzhou.