SAN FRANCISCO- Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the news, but GlobeSt.com has learned that New York City-based Tishman Speyer is reaching across the Pacific to consummate a deal here. Tishman is bringing China Vanke Co. Ltd., billed as world's largest developer, to the states in a joint venture to construct a two-tower residential asset at 201 Folsom St.
Financial terms were not disclosed, but the project calls for the creation of 655 residences in the two interconnected towers, one 37 stories and the other 42 stories high.
This first US project marks the beginning of a global push, meaning outside China, for Vanke. “China Vanke has always been a company with a global view, good at learning from excellent peer enterprises,” says China Vanke chairman Shi Wang in a statement. “We are entering the US to continue this learning process, to understand business models in a mature market and accumulate management experience through project cooperation.” He went on to say that the Folsom project was particularly appealing because of the on-the-ground expertise Tishman Speyer brings to the JV.
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
