By Gabriel Circiog, Associate Editor
Shanghai—Tishman Speyer recently announced it has formed a joint venture with Shanghai Lujiazui Group to build a mixed-use development in Shanghai. Located in the New Bund, south of the Shanghai Expo site, the new development will feature more than 3 million square feet of space.
The New Bund is an emerging business center in Pudong, which is continuously expanding and becoming an important asset to the Shanghai business market. The business center has been named as one of the priority projects in the 12th Five Year Plan of the Shanghai Municipality. Situated along the Huangpu River, just south of the Shanghai Expo site, New Bund is bordered by the middle ring road and is located next to a three-subway line Shanghai Metro hub station.
Speaking about the joint venture and the new project, Tishman Speyer Co-CEOs Jerry and Rob Speyer said, “We are very excited about initiating this project in a joint venture with Shanghai Lujiazui Group, a premier organization already so well regarded for its world-renowned developments in Pudong, Shanghai.”
The new development project is just one of the latest signature projects by Tishman Speyer in China. Out of the 91,678,483-square-foot worldwide portfolio, 14,293,419 square feet are located in China. The company entered the Chinese market in 2006 and has primarily invested in international-quality Class A office, residential and mixed-use properties in major high-growth urban centers and carefully chosen secondary cities. Tishman Speyer currently has five commercial, residential and mixed-use projects located in Shanghai, Chengdu and Tianjin. The most notable project is The Springs at Jiang Wan New Town, a 9.7-million-square-foot mixed-use development currently under construction, which became the largest land deal in Shanghai’s history. Located on a 66-acre site, next to a 33-acre ecological park reserve, and with LEED Gold design planning, The Springs boasts and eco-friendly green living lifestyle. Tishman Speyer’s Shanghai portfolio currently features 9,689,995 square feet.
The new three-million-square-foot mixed-use development in the New Bund will feature Class A offices, upscale retail venues and waterfront residential apartments.
“This illustrates Tishman Speyer’s continuing growth in China, which has featured the cultivation of important partnerships leading to landmark projects ever since we arrived in the market in 2006,” Speyer and Speyer said. “We already are active in Shanghai, one of the world’s great cities, with The Springs and we look forward to a long-term presence.”
Xu Erjin, deputy general manager of Shanghai Lujiazui Group and general manager of Shanghai The New Bund International Business District Investment (Group) Ltd. said, “Developing the New Bund is a priority, and with Tishman Speyer, we are determined to only bring the most advanced, sustainable and progressive new developments that will help the city of Shanghai continue to build its reputation as one of the greatest places to do business in the world.”