NEW YORK, Oct. 17 /PRNewswire/ -- Tishman Speyer, a real estate owner, developer and investor, in a joint venture with BlackRock Realty, the real estate arm of BlackRock, Inc. (NYSE: BLK), announced today that it has agreed to acquire the Stuyvesant Town and Peter Cooper Village properties in New York City from MetLife, Inc. (NYSE: MET). The properties, which are located on First Avenue between 14th and 23rd Streets in Manhattan, were built in the late 1940's by MetLife and encompass 11,232 apartments. Jerry I. Speyer, President and CEO of Tishman Speyer, said: "As a business with deep roots in New York City, we have a sincere appreciation for these cherished neighborhoods, and we are honored to become stewards of the property. We are committed to working closely with residents, elected officials and community leaders to help ensure a dynamic and vibrant future for this New York community. The thousands of tenants in rent-stabilized apartments are completely protected by the existing system. No one should be concerned about a sudden or dramatic shift in this neighborhood's make-up, character or charm." Rob Speyer, Senior Managing Director of Tishman Speyer, said: "Stuyvesant Town and Peter Cooper Village have provided thousands of New Yorkers a beautiful place to live for almost 60 years. We are proud to play a role in maintaining its place in our city's future." Fred Lieblich, Managing Director at BlackRock and head of BlackRock Realty, commented, "We look forward to working with our partners at Tishman Speyer and all of those who care deeply about Stuyvesant Town and Peter Cooper Village to build on the legacy of this wonderful community." Tishman Speyer will serve as managing partner of the joint venture with BlackRock Realty. Wachovia and Merrill Lynch & Co. are acting as advisors and lenders to Tishman Speyer and BlackRock. Darcy Stacom and William Shanahan of CBRE acted as the agents for MetLife.
SOURCE Tishman Speyer