Tishman Speyer Buys 3M-Plus-SF Portfolio for $650M

ATLANTA-The long-rumored entry of New York-based Tishman Speyer into Atlanta’s office market was confirmed today by the developer-investor. Tishman Speyer acquired 10 prime office and retail properties and locations totaling 3.5 million sf.

A company representative tells GlobeSt.com the price will be disclosed at a later date. However, Atlanta and New York brokerage sources in a position to know tell GlobeSt.com the deal went down on the high side at between $650 million to $675 million. That range equates to about $185.71 to $192.85 per sf, below replacement cost, construction sources familiar with the buildings tell GlobeSt.com.

Tishman Speyer senior managing director Robert J. Speyer calls the acquisition “a sizable portfolio of diversified, high-quality assets, well located in each of Atlanta’s top four office submarkets…featuring a roster of premier tenants.”