Tishman Speyer Takes Full Ownership of Office Complex in Silicon Valley | Announcements | Tishman Speyer


Tishman Speyer Takes Full Ownership of Office Complex in Silicon Valley

Sunnyvale, CA December 21, 2010

Leading global real estate development and investment firm Tishman Speyer today announced it has acquired full ownership of the Sunnyvale Office Park in Sunnyvale, Calif. Transaction terms were not disclosed.

The office park consists of three Class A office buildings totaling 425,000 square feet on 19 acres in the Silicon Valley. It serves as the world headquarters for Juniper Networks, a leading global provider of high-performance network infrastructure to service providers, enterprises and public-sector organizations. Juniper is the sole tenant of the park, with long-term leases stretching another 10 years or more.

The property was acquired in 2005 by Tishman Speyer, who then sold an 87.5 percent ownership stake in 2007 while remaining as the general partner. With the sale announced today, Tishman Speyer is once again the sole owner of the property.

“Sunnyvale Office Park is an outstanding property and we were very pleased to have the opportunity to reacquire full ownership. The investment reflects our high regard for the asset and its sole tenant, along with our confidence in the long-term strength of the Silicon Valley office market,” said Tishman Speyer Managing Director Carl Shannon.

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, many of the world’s most prestigious corporations rely on Tishman Speyer to meet their office space needs. Since its founding in 1978, the firm has acquired, developed and/or managed a portfolio of over 116 million square feet valued at over US$50.2 billion. Signature assets include New York’s Rockefeller Center and the Chrysler Center, Frankfurt’s MesseTurm and São Paulo’s Torre Norte. Tishman Speyer has projects in different stages of development in Shanghai, Chengdu and Tianjin.