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Tishman Speyer Fund Sells One, Buys One

NEW YORK CITY-A Tishman Speyer fund sells a Downtown office asset here and picks up one in the San Francisco Bay area. The company sells 40 Broad St. for $64 million and acquires Bayside Towers for $67 million.

By Barbara Jarvie | Updated on July 28, 2005

NEW YORK CITY-Zamir Equities has acquired 40 Broad St. from Tishman Speyer’s Australian-based Office Fund for $64 million. Simultaneously, the fund acquired Bayside Towers in the San Francisco Bay area town of Foster City, CA for $67 million from Walton Street Capital.

A source tells GlobeSt.com that TSO realized a 100% return since its purchase price for the Downtown asset was $32 million. That acquisition, which took place in December, was part of the company’s gaining 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 total value of the assets was $1.9 million. The 319,000-sf 40 Broad St. site is the first asset in that group to be sold. Zamir also counts nearby 80 Broad St. among its holdings.

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