Tishman Speyer and Mitsui Fudosan America (MFA) recently announced the creation of a joint venture with a focus on acquiring, developing, redeveloping and operating industrial properties in leading U.S. markets.

Seeded by an initial $500 million commitment from an affiliate of MFA, as well as co-investment capital from Tishman, the joint venture will pursue ground-up development projects, as well as major repositioning or redevelopment of existing value-add industrial property. Specifically, the venture strategy will focus on ESG investments that adhere to standards and specifications of leading environmental certifications, such as LEED and GRESB.

Tishman Speyer seeks to invest in industrial assets that facilitate the movement and delivery of goods and services across several high-barrier locations, such as Los Angeles; the New York metro region; the Puget Sound region; San Francisco and the Bay Area; Austin, Texas; San Diego; Washington, D.C.; Boston; and Chicago.

The industrial strategy includes distribution; warehousing; research and development; small bay; transload; and outdoor storage property. It will be executed through the developer’s long-established in-house teams within the target markets.

“The evolving needs of today’s consumer have generated strong demand for well-located, functional industrial properties,” said Tishman Speyer CEO, Rob Speyer. “This is especially true in the most supply-constrained urban centers. Through this new joint venture, we intend to create and operate facilities that bring companies closer to their customers. We are also excited to grow and diversify our strategic partnership with Mitsui Fudosan America — already a co-investor in a number of Tishman Speyer’s life sciences, residential and office developments.”

Senior Vice President of Acquisitions at MFA, Sean McSweeney, added: “This is an exciting area for the growth and expansion of our portfolio. Our partnership with Tishman Speyer has already proven its success in finding opportunity and delivering value to a wide range of urban communities throughout the U.S. This initiative extends from the decade-long commitment by Mitsui Fudosan Co., Ltd., to acquiring, developing and managing industrial facilities. In Asia, under the Mitsui Fudosan Logistics Park flagship brand, there are 53 projects being developed and managed.”

The Tishman Speyer industrial platform was launched last year when the developer acquired two distribution centers in Pittsburgh and Colorado Springs.

“Mitsui Fudosan America’s commitment to this new joint venture will accelerate our industrial platform’s expansion from core and core-plus assets to include value-add, development and redevelopment opportunities,” said Tishman Speyer Senior Managing Director, Paul Galiano, who serves as co-head of U.S. acquisitions and global capital markets.

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