SAN FRANCISCO — Tishman Speyer, a developer and manager of Class A real estate, and China Vanke Co., a specialized residential property developer based in China, have formed a joint venture to construct a high-rise condominium project at 201 Folsom St. in San Francisco. The 655-unit project will consist of two connected residential towers spanning 37 and 42 stories.
The project is China Vanke’s first North American investment. China Vanke is the world’s largest developer, with more than 400,000 units delivered in the People’s Republic of China. The firm has also provided property management services to approximately 200 residential communities.
“China Vanke has always been a company with a global view, good at learning from excellent peer enterprises,” says Shi Wang, chairman of China Vanke. “We are entering the U.S. market to continue this learning process, to understand business models in a mature market and accumulate management experience through project cooperation.”
New York-based Tishman Speyer will manage the development upon completion. As of Sept. 30, 2012, Tishman Speyer has acquired, developed and/or managed more than 125 million square feet of real estate with a total value of more than $61.3 billion since the company’s founding in 1978.
“This landmark joint venture with China Vanke in San Francisco complements the growth of our platform in China, and we could not be more excited about working closely with such a spectacular company,” says Rob Speyer, president and co-CEO of Tishman Speyer. “We welcome the opportunity to create another iconic residential property in San Francisco, following the great success of The Infinity.”
The Infinity, located across the street from 201 Folsom St., is a pair of residential towers also developed by Tishman Speyer. The Infinity’s residences command prices ranging from $600,000 to $6 million.
In addition to The Infinity, Tishman Speyer’s San Francisco portfolio includes the Foundry Square III office project under development, the upcoming office tower at 222 Second, the 555 Mission St. office building, 650 California St., One Bush St. and 595 Market St.
Financial terms of the joint venture between the two companies weren’t disclosed.
— John Nelson