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Tishman Speyer Targets Milan for First Investment Fund Deal

NEW YORK CITY-In its first move, the fund acquired a 16,500-squre-meter class A office building in Milan's financial district. The property is 100% leased to Banco Popolare di Verona e Novara, a major Italian bank.

By Melissa Kress | Updated on November 19, 2003

NEW YORK CITY-Tishman Speyer Properties aims to expand its presence in Western Europe with the formation of the Tishman Speyer European Strategic Office Fund LP, which carries a capital commitment of $476.4 million from investors in the US and Europe. The fund will focus on major cities such as Paris, London, Brussels, Milan, Frankfurt, Madrid and Amsterdam.

In addition, the international owner, developer and operator of class A office buildings closed the fund’s first acquisition—a 16,500 square meter class A office building in Milan’s financial district. The property is 100% leased to Banco Popolare di Verona e Novara, a major Italian bank and is located on the Via Santa Margherita.

“The strategy of this fund plays to business trends occurring across Europe, as the consolidation of various industries drives demand for certain types of office space,” says Jerry I. Speyer, president and CEO, in a statement. “We anticipate that as companies in Europe consolidate their operations, they will shift their mix of office space to emphasize larger, high-quality properties in the central business districts of a few key cities. This fund will focus on such properties as their value in the marketplace increases.”

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