Tishman Speyer and GIC Sell Major Landmark Office Complex in Hyderabad, India

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Dec 18, 2019, 13:00 ET

HYDERABAD, India, Dec. 18, 2019 /PRNewswire/ -- Tishman Speyer, one of the world's leading developers, owners, operators and asset managers of first-class real estate, along with GIC, Singapore's sovereign wealth fund, have sold the WaveRock office complex in Hyderabad, India.

Designed by Pei Cobb Freed & Partners, one of the world's leading architecture firms, WaveRock's three development phases were completed by Tishman Speyer in 2010, 2014 and 2017. The property, which totals 2.5 million square feet, is 100 percent leased to world-class global technology, industrial & services giants such as Apple, TCS, Accenture, DuPont, GAP, AVEVA and other prominent multinational companies.

The property is located near the high-growth Financial District employment corridor at Gachibowli, a Special Economic Zone being promoted by the TSIIC (Telangana State Industrial Infrastructure Corporation).

"This sale represents a very successful culmination of Tishman Speyer's build to core strategy for the India property market. It demonstrates a first in terms of a foreign investor demonstrating its ability to acquire land, create a world class development in multiple cycles and creating an ecosystem for corporates very mindful of harnessing their human capital," said Avnish Singh, Tishman Speyer Managing Director & Country Head - India.

"From the beginning, our goal was to create the region's signature property that typified the incredible economic growth of the Hyderabad region. GIC, which has been one of the world's most successful institutional property investors for many years, has been a great partner in bringing this development and eventual disposition to conclusion. We have a strong long-term view of India's investment potential and look forward to ongoing activity."

About Tishman Speyer

Tishman Speyer is a leading owner, developer, operator and fund manager of first-class real estate around the world. Founded in 1978, Tishman Speyer is active across the United States, Europe, Latin America and Asia, building and managing premier office, residential and retail space in 29 key global markets for industry-leading tenants. The firm has acquired, developed and operated a portfolio of over 175 million square feet with a total value of approximately US $94 billion spread over 411 assets. Signature assets include New York City's Rockefeller Center, São Paulo's Torre Norte, The Springs in Shanghai, Lumière in Paris and OpernTurm in Frankfurt. Tishman Speyer currently has projects at different stages of development in Boston, Beijing, Frankfurt, Los Angeles, Madrid, New York City, Rio de Janeiro, San Francisco, São Paulo, Shanghai, Shenzhen and Washington, DC. The firm also operates portfolios of prominent office properties in Berlin, Paris, Chicago and London. For more information, visit tishmanspeyer.com and find us on social @tishmanspeyer.