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