Tishman Speyer, The National Pension Service of Korea Partner on $1.5B Investment Platform

Tishman Speyer and The National Pension Service of Korea have partnered to launch NPS-Tishman Speyer Thematic Platform, a $1.5 billion investment vehicle. The separately managed account will pursue high-demand real estate assets in the US.

The platform will specifically target assets that will support rapid advances in technology and innovation, and it will dedicate capital to the creation of funds and other more specified platforms to target growth sectors. “The most intriguing part is the new built-in ability to move quickly based on disruptive technologies and market shifts,” said Tishman Speyer President and CEO Rob Speyer in a statement about the new partnership.

The platform has allocated capital to Breakthrough Properties—a joint venture between Tishman Speyer and Bellco Capital—for the acquisition and development of life science properties. Breakthrough is already in the process of acquiring several major life science assets in Boston and San Diego.

In addition to life science, the platform is also attracted to investment in proptech companies and Tishman’s existing affordable housing program, which launched last year. In July 2020, the firm appointed Gary Rodney to establish and manage Tishman Speyer’s platform. In the newly-created position of managing director, Rodney will source opportunities to acquire, construct and redevelop quality housing, as an affordable living option for low-income and middle-income residents throughout New York City’s five boroughs. NPS will be the anchor investor for this program.

Finally, the partnership will seed the creation of a new mezzanine lending arm within Tishman Speyer to originate and acquire high-yield loans.

Tishman Speyer has been aggressively growing in every direction. Earlier this year, Latch and TS Innovation Acquisitions Corp., Tishman Speyer’s special purpose acquisition company, announced merger plans that allowed the Latch seek a public offering. When the deal, which valued Latch at $1.56 billion, closed in the second quarter of 2021, Latch had $510 million in cash to fund growth initiatives and expansion plans. Tishman received an estimated 4% position in Latch valued at approximately $60 million.