Tishman Speyer and China Vanke Co, announced that they have formed a joint venture to develop a premier high rise residential condominium project at 201 Folsom Street in San Francisco. The planned development, which will be managed by Tishman Speyer, represents the first North American investment for the real estate developer China Vanke.
Financial terms of the joint venture were not disclosed.
The project will consist of two connected residential towers – 37 and 42 stories high – with a total of 655 residences. The site is located across the street from The Infinity, a pair of residential towers that also were developed by Tishman Speyer. The Infinity’s residences commanded prices ranging from $600,000 to $6m, and it was believed to be the fastest selling project in the United States in 2009.
In addition to The Infinity, Tishman Speyer previously developed the 555 Mission Street office building, and its current local holdings include 650 California Street, One Bush Street and 595 Market Street.
The joint venture with China Vanke expands Tishman Speyer’s relationship base in China, where it has raised funds successfully from Chinese investors and currently has approximately 20 million sqm at various stages in its development pipeline.
For China Vanke, the joint venture marks the beginning of its planned expansion outside China.
