NYC-based developer completes acquisition of large residential development in Santa Monica

Tishman Speyer will begin building its first residential project in LA in late 2022

By Sam Catanzaro

A NYC-based developer has completed its first acquisition in LA, which will include 620 homes and 31,000 square feet of retail space in eight new buildings in downtown Santa Monica.

On January 3, Tishman Speyer announced that it had completed the acquisition of the Santa Monica Collection, a portfolio of eight development locations spanning nearly 3 acres in downtown Santa Monica.

Tishman Speyer, a NYC-based developer with hundreds of properties in markets in the United States, Europe, Asia, and Latin America, will develop 620 Class A homes, 116 of which will be declared affordable, and approximately 31,000 square feet of sales .

According to the company, the existing construction requirements are to begin by the end of 2022, with the first buildings to be completed by the end of 2024.

“The Tishman Speyer project will help meet Santa Monica’s growing need for more modern, high quality rental apartments. The sub-market, which is basically limited in supply, is characterized by high prices for homebuyers, high entry barriers for new apartment buildings and obsolete inventory. At the same time, there is strong demand from individuals and families who are looking for rental apartments in an area with an attractive outdoor lifestyle and close proximity to innovative job centers. The project aims to meet this demand while further enhancing the lively atmosphere in the community, ”the company said in a press release.

Since its inception in 1978, Tishman Speyer has acquired, developed and operated 484 properties in 30 markets worldwide. The current portfolio includes the Rockefeller Center in New York City, The Springs in Shanghai and the TaunusTurm in Frankfurt. The Santa Monica Collection is the company’s first Los Angeles development.

“The Santa Monica Collection project represents a rare opportunity to develop critical mass of new housing in a market of acute demand,” said Rob Speyer, President and CEO of Tishman Speyer. “Over the past decade, we’ve created exciting new communities in major US cities including New York City, Boston, San Francisco, and Washington, DC, with additional projects planned or ongoing. We look forward to creating a major pillar for residential real estate in the Los Angeles market as well. “

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