At a glance
- The Bouwinvest-Tishman Speyer separate account supplied part of the equity for this month's 150-year ground lease on the Chrysler Building.
- Allocators considering the fund would have two claims on the same rent roll: a fund holding the Chrysler Building and a separate account that supplied part of the ground-lease equity.
- JLL reported Manhattan trophy vacancy at 4.9%, a cycle low, and that leases at $300 a square foot were signed three times faster than at the $200 benchmark.
Tishman Speyer and Dutch investor Bouwinvest launched a U.S. office fund with the Chrysler Building as its first asset.
The Bouwinvest-Tishman Speyer separate account supplied part of the equity for this month's 150-year ground lease on the Chrysler Building. Neither firm disclosed a commitment or a target size.
Allocators considering the fund would have two claims on the same rent roll: a fund holding the Chrysler Building and a separate account that supplied part of the ground-lease equity. The announcement did not disclose fee terms or how the two vehicles would divide the building's cash flow.
JLL reported Manhattan trophy vacancy at 4.9%, a cycle low, and that leases at $300 a square foot were signed three times faster than at the $200 benchmark. It projects new supply will fall to 1.5 million square feet a year.
Reported by The Wrap desk from JLL, Trepp and The RE Capital Week data pack. Published . Corrections
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