NEW YORK, April 8, 2015 /PRNewswire/ -- Tishman
Speyer, one of the world's leading developers, owners, operators
and asset managers of first-class real estate, today announced that
China Life Insurance (Group) Company (China Life) and Ping An
Insurance Company of China
(Ping An) will serve as co-investors
in Tishman Speyer's prime waterfront
site at Pier 4 in Boston's Seaport
District. The Pier 4 project represents the first time that
China Life and Ping An, China's two largest insurance companies, have
made equity investments in U.S. real estate. It also is the
first time they have co-invested in real estate outside of
China.
China Life, through its subsidiary China Life Investment Holding
Company Limited, and Ping An,
through its real estate investment platform, Ping An Real Estate
Company Limited, are investing alongside Tishman Speyer Real Estate
Venture VIII.
Tishman Speyer, which acquired
the development site in December
2014, will serve as general partner and manage the
day-to-day development of the project.
"Tishman Speyer has been an
active investor and developer in China for more than a decade," said Tishman
Speyer Co-CEO Rob Speyer. "In
that time, we have forged strong, productive relationships with
both China Life and Ping An. We are
really pleased that they have chosen to join us on this
project."
"Tishman Speyer is inevitably one
of the best partners for China Life's property investments in
America. It is a good start for China Life, which will expand its
real estate investing in America, and it will promote closer
cooperation in our world," said China Life Investment Holding in a
statement.
Ping An Real Estate said in a statement, "This is another step
forward for us in developing a strong ongoing business relationship
with Tishman Speyer.
Ping An and Tishman Speyer have previously conducted
business together in China and we
are confident that they will be a very good partner for us in our
first foray into the United States
real estate market."
Tishman Speyer recently announced
plans to build a 13-story, commercial building, primarily for
office use consisting of approximately 373,000 rentable square
feet; a nine-story, 100-unit luxury residential condominium
building; and a three-level below-grade parking facility.
Both buildings will include ground floor retail/restaurant space,
and the site plan also includes a new one-acre public park.
Construction is scheduled to begin in the fourth quarter of 2015,
with completion of both new buildings in 2018. Tishman Speyer, which develops and operates
properties to meet high sustainability standards all over the
world, expects to seek LEED gold certification for the
project.
Located adjacent to Boston's
Financial District, but formerly cut off from the rest of downtown
by "Big Dig" construction, the Seaport District has become the
epicenter of new development in the area. Its waterfront location,
convenient access to transportation (rail, highway and airport) and
existing yet growing amenity base are drawing commercial space
users and residential buyers and renters in large numbers to form a
vibrant 24/7 community.
For more information, please visit www.pier4boston.com.
About Tishman Speyer
(www.tishmanspeyer.com)
Tishman Speyer is one of the leading
developers, owners, operators, and asset managers of first-class
real estate worldwide. Active across North America, Europe, South
America and Asia,
Tishman Speyer is relied upon by
many of the world's most prestigious corporations to meet their
office space needs. As of September
30, 2014, the firm had acquired, developed and/or managed a
portfolio of approximately 133.3 million sq. ft. with a total value
of approximately USD $69.7 billion
since its founding in 1978. Signature assets include
New York's Rockefeller Center and
the Chrysler Center, Sao Paulo's
Torre Norte, Ventura Corporate
Towers in Rio de Janeiro, and
OpernTurm in Frankfurt. Tishman
Speyer also has projects at different stages of development
currently in Brasilia,
Chengdu, Frankfurt, Gurgaon, Hyderabad, Paris, Rio de
Janeiro, San Francisco,
Sao Paulo, Shanghai and Suzhou.
About Ping An
(http://about.pingan.com/en/index.shtml)
Ping An Insurance (Group) Company of China, Ltd ("Ping
An") was established in 1988 in Shenzhen. Today it has developed into an
integrated financial service conglomerate with three key business
segments in insurance, banking, and investment. The Group's shares
are listed on the Hong Kong Stock Exchange (stock code: 2318) and
on the Shanghai Stock Exchange (stock code: 601318). As at
December 31, 2014, the Group's
consolidated total assets and equity attributable to shareholders
of the parent company reached RMB4.0
trillion and RMB289.6 billion,
respectively. Both Ping An Life and
Ping An Property & Casualty are ranked as the second largest
insurance company in China by
premium income, in their respective sector. Ping An was ranked No.62 in Forbes' Global 2000
league table in 2014, No.128 in U.S. Fortune Magazine's Global 500
Leading Companies ranking, and No.1 among China's non-State owned enterprises. On top of
these accolades, Ping An was ranked
No.77 in WPP Millward Brown's BrandZ Top 100 Most Valuable Global
Brands, being the 1st among all insurance brands worldwide, and it
ranked 6th on the "Best Chinese Brand" ranking by Interbrand, the
largest brand consultancy in the world, making it the top insurance
brand in China.
Ping An Real Estate Company Limited is a wholly-owned subsidiary
of Ping An Insurance (Group) Company of China, Ltd. As the real estate investment
management arm of the Group, Ping An Real Estate primarily focuses
on mixed-use development, industrial and logistic properties, and
senior housing communities through private equity and debt
investments in China and
selected overseas markets.
About China Life
(http://www.chinalife.com.cn/publish/yw/index.html)
China Life Insurance (Group) Company is one of the largest
state-owned financial insurance institutions headquartered in
Beijing. Its predecessor was the
former People's Insurance Company of China (PICC) founded in 1949. In 1996, life
insurance division was separated from PICC and was renamed as China
Life Insurance Company in 1999. In 2003, approved by the State
Council and China Insurance Regulatory Commission, the former China
Life Insurance Company was restructured into China Life Insurance
(Group) Company. It is one of the largest institutional investors
in China's capital market. It has
been listed for twelve consecutive years on the Fortune Global 500
list, and its rank moved forward drastically from 290 in 2003 to 98
in 2014. It has been listed for seven consecutive years among the
World Brand 500 and ranked at 237th place in 2013. As China Life
(Group) Company's subsidiary, China Life Insurance Company Limited
was listed in New York,
Hong Kong and Shanghai with the largest market value among
listed life insurance companies globally. China Life's premium
income reached RMB 408.2 billion in
2014, the highest of the insurance industry in China. By the end of 2014, total assets of
China Life reached RMB 2.7 trillion,
accounting for 26% of total assets of the industry, which is ranked
as the highest in the industry in China.
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SOURCE Tishman Speyer