BIG, one of the U.S.'s only African
American, Female Majority-owned and -led CRE and
Multifamily Investment and Lending Platforms, Takes 11%
Stake in Tishman
Speyer's First Los Angeles-Region Residential
Development
NEW
YORK and SANTA MONICA,
Calif., Jan. 25, 2023 /PRNewswire/ -- Tishman Speyer today announced it has secured
the Basis Investment Group (BIG) as an equity partner in the Santa
Monica Collection, its portfolio consisting of eight development
sites across nearly 3.1 acres in Downtown
Santa Monica, CA.
A certified minority and woman-owned commercial real estate
investment manager, BIG has committed $30
million – 11 percent of the total equity – to the
development, which will encompass 617 apartments, 116 of which will
be designated as affordable, and approximately 31,000 square feet
of retail. With entitlements in place, Tishman Speyer expects to start work on the
first four buildings in early 2023 with the remaining four
commencing in 2024.
The Santa Monica Collection will address an acute need for more
modern, high-quality rental housing at multiple price points in
Downtown Santa Monica, a
neighborhood known for its vibrancy, attractive outdoor lifestyle
and proximity to innovation job centers. The development will
create a critical mass of new housing within easy walking distance
to world-class restaurants, shops and nightlife options, as well as
the Downtown Santa Monica light
rail station.
"We are pleased to be partnering with Basis Investment Group to
cultivate a thriving mixed-use community in the heart of
Downtown Santa Monica," said
Tishman Speyer CEO Rob Speyer. "This
partnership illustrates our commitment to embedding diversity into
all aspects of our business. By making a conscious effort to remove
structural and institutional impediments to equitable
representation, we strengthen our firm and the communities served
by our investments."
In 2021, Tishman Speyer announced
that it had raised $30 million in
equity from 161 individual Black and Latinx investors for the
Enterprise Research Campus, a 14-acre mixed-use campus it is
developing in partnership with Harvard
University. In doing so, Tishman
Speyer surpassed its initial target of allocating five
percent of the $500 million in equity
to minority investors for the first phase of the project, which
will include 900,000 square feet of labs, offices, apartments, and
a hotel.
"Inclusive capital matters and we are excited to partner with
Tishman Speyer in their commitment
to providing investment opportunities in large scale development
projects for MWBE capital providers like Basis," said Tammy K. Jones, CEO and Founder of Basis
Investment Group (BIG). "We applaud Tishman
Speyer for being a leader in breaking down barriers and
creating access to wealth creating- joint venture opportunities
that diverse firms have largely been excluded from."
Since its inception in 2009, BIG has been at the forefront of
enacting and empowering change while embedding ESG considerations
into its business and investment decisions. As one of the only
African American, female majority-owned and -led CRE and
multifamily investment and lending platforms in the U.S., Basis is
a testament to the positive impact generated by a thoughtful and
intentional approach to diversity, equity, and inclusion. Basis has
implemented significantly increased due diligence, risk analysis,
and environmental, social, and governance (ESG) reporting processes
to provide greater transparency for all Basis clients and
stakeholders, further solidifying the company as a forward-looking
change agent within the industry.
About Tishman Speyer
(tishmanspeyer.com)
Tishman Speyer is a leading owner,
developer, operator and investment manager of first-class real
estate in 33 key markets across the
United States, Europe,
Asia and Latin America. Our portfolio spans market rate
and affordable residential communities, premier office properties
and retail spaces, industrial facilities, and mixed-use campuses.
We create state-of-the-art life science centers through our
Breakthrough Properties joint venture, and foster innovation
through our strategic proptech investments. With global vision,
on-the-ground expertise and a personalized approach, we are
unparalleled in our ability to foster innovation, quickly adapt to
global and local trends and proactively anticipate our customers'
evolving needs. By focusing on health and wellness, enlightened
placemaking and customer-focused initiatives such as our tenant
amenities platform, ZO., and our flexible space and co-working
brand, Studio, we tend not just to our physical buildings, but to
the people who inhabit them on a daily basis. Since our inception
in 1978, Tishman Speyer has
acquired, developed, and operated 522 properties, totaling 218
million square feet, with a combined value of over $129 billion (U.S.). Our current portfolio
includes such iconic assets as Rockefeller Center in New York City, The Springs in Shanghai, TaunusTurm in Frankfurt and the Mission Rock neighborhood
currently being realized in San
Francisco.
About Basis Investment Group
(www.basisinvgroup.com)
Basis Investment Group is a
diversified commercial real estate investment platform investing
across the capital stack throughout the
United States. With offices in New
York, Chicago, and
Irvine, CA, Basis has successfully
closed over $4 billion in
transactions across multiple strategies and asset classes. Basis
Investment Management Group is registered as an investment adviser
with the Securities and Exchange Commission. Basis, a certified
Minority and Woman-Owned Business (MWBE), focuses primarily on
investments in the middle markets where it has deep relationships.
Basis originates and acquires fixed rate senior mortgage loans,
bridge loans, mezzanine loans, preferred equity, structured equity
and B-piece investments.
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SOURCE Tishman Speyer