Tishman Speyer Selects Porto Maravilha For Its First Residential Project In Rio De Janeiro

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Mar 13, 2015, 05:33 ET

RIO DE JANEIRO, March 13, 2015 /PRNewswire/ -- Tishman Speyer, one of the world's leading developers, owners, operators and asset managers of first-class real estate, today unveiled tentative plans for its first residential development project in Rio de Janeiro.

The project, to be named Lumina Rio, currently is in the approval stage, and is expected to consist of four towers. The first of the towers, with 360 for-sale residential units, is expected to be delivered within two years of approval.

Lumina Rio will be built in Porto Maravilha, fronting Avenida Venezuela between L'Oreal's future main office and Moinho Fluminense. The location is next to the city's financial center, close to the Museu do Amanha and to the Museum of Arts of Rio and by the Boulevard of the Maua Square. One block from the sea front and distant a few meters from the city's financial center, the project will feature a facade with curves and angles intended to capture Rio de Janeiro's elegance and modernity. Residents will enjoy a view to the Guanabara Bay and to Rio de Janeiro icons such as the Sugar Loaf and the Corcovado.

"We have great confidence in the long-term vitality of Brazil as Latin America's economic powerhouse," said Tishman Speyer President & Co-CEO Rob Speyer. "Likewise, Rio de Janeiro is one of the region's greatest cities and we are pleased to help meet the market demand for high-quality, well-located housing with this project."

Daniel Cherman, Tishman Speyer senior managing director and country head for Brazil added, "This project shows a reinforcement of our commitment to Porto Maravilla, the scene of Brazil's most ambitious urban project. With the support of the area infrastructure now in process, we see the dynamic mix of commercial, residential and hotel development activity bringing the area to new life."

Tishman Speyer is moving forward with this newest project as its namesake development in the U.S. is well on its way to success. The LUMINA in San Francisco is now under construction with each phase selling out quickly when brought onto the market. While best known for its iconic commercial developments all over the world during the past several decades, Tishman Speyer has developed or is currently working on luxury residential offerings in leading cities such as New York, Boston and Shanghai, as well as Sao Paulo. Its Sao Paulo track record dates back to early 2006, and includes the Metropolitan, the Vila Nova and the Duo Morumbi.

About Tishman Speyer (www.tishmanspeyer.com)
Tishman Speyer is one of the leading developers, owners, operators, and asset managers of first-class real estate worldwide. Active across North America, Europe, South America and Asia, Tishman Speyer is relied upon by many of the world's most prestigious corporations to meet their office space needs. As of September 30, 2014, the firm had acquired, developed and/or managed a portfolio of approximately 133.3 million sq. ft. with a total value of approximately USD $69.7 billion since its founding in 1978. Signature assets include New York's Rockefeller Center and the Chrysler Center, Sao Paulo's Torre Norte, Ventura Corporate Towers in Rio de Janeiro, and OpernTurm in Frankfurt. Tishman Speyer also has projects at different stages of development currently in Brasilia, Chengdu, Frankfurt, Gurgaon, Hyderabad, Paris, Rio de Janeiro, San Francisco, Sao Paulo, Shanghai and Suzhou.