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Jerry Speyer
USINFO | 2013-12-23 13:07
Net Worth
$3.5 B As of September 2013
Follow(19)
At a Glance
• Age: 73
• Source of Wealth: real estate, self-made
• Residence: New York, NY
• Country of Citizenship: United States
• Education: Master of Business Administration, Columbia University; Bachelor of Arts / Science, Columbia University
• Marital Status: Married
• Children: 4
Forbes Lists
#134 Forbes 400
• #132 in 2012
#423 Billionaires
• #139 in United States
Profile
Jerry Speyer is chairman and co-CEO of Tishman Speyer, the global real estate developer, manager and owner of prime properties. He and his son and co-CEO Rob run the business from New York's Rockefeller Center, which the family owns (along with the Crown family). Tishman Speyer's largest holdings outside of North America are in China, where it owns 14.29 million square feet in Shanghai, Chengdu and Tianjin. The largest of those is the Springs, a 66-acre residential, commercial and retail project outside of Shanghai. The Speyer's focus on commercial real estate has helped them avoid the deflationary crackdown on China's residential building boom. Deep relations in China have paid dividends elsewhere: Giant Chinese developer Vanke went in with the Speyers on its new 655-unit luxury condo tower in downtown San Francisco. In India it has four new developments in the pipeline totaling 7.15 million square feet. Its most significant is a 100-acre mixed-use development in Hyderabad in southern India. Speyer and his wife Katherine Farley are one of New York City's most connected power couples. He's on the boards of the Museum of Modern Art (chairman), Columbia University (his alma mater), the Federal Reserve of New York and the Yankees. Katherine chairs the Lincoln Center for the Performing Arts and oversees Tishman Speyer's China and Brazil business. The Speyers have put behind them their disastrous $5.4 billion acquisition in 2006 of New York's 80-acre Stuyvesant Town-Peter Cooper Village, both the biggest real estate deal and the biggest mortgage default in U.S. history. Shrewdly, the Speyers invested only $56 million of their own money, leaving pension funds and foreign governments with billions of soured loans four years later. Speyer started the firm with his late father-in-law Robert Tishman in 1978. Speyer, who grew up in New York City, got his B.A. and M.B.A. from Columbia University, where he roomed with singer Art Garfunkel. A former yo-yo champion, Speyer wears a Mickey Mouse watch to work every day.
Tishman Speyer
| Address |
Centrium 61 Aldwych |
 |
| City | London | |
| Country | United Kingdom | |
| Post/zip code | WC2B 4AE | |
| Telephone | +44 20 7333 2400 | |
| Fax | +44 20 7333 2500 | |
| Website | www.tishmanspeyer.com | |
| Associations |
AFIRE (Association of Foreign Investors in Real Estate) BPF (British Property Federation) INREV (European Association for Investors in Non-Listed Real Estate Vehicles) PREA (Pension Real Estate Association) |
| Corporate Overview | A privately held company with roots in a family firm founded in 1898, Tishman Speyer is a globally integrated real estate operating firm and investment manager, which is wholly owned by the Speyer family, whose members are actively engaged in the day-to-day management of the Company. Headquartered in New York City, the firm has a worldwide network of 21 offices staffed by over 700 in-house real estate professionals. As of June 2010, Tishman Speyer manages approximately €22.8bn (approximately $30.9bn) of commercial real estate in major markets worldwide. |
| Products |
Pooled Funds - Closed-ended Pooled Funds - Open-ended |
| Other products | Co-Investments |
| Other services | Design & Construction / Development, Marketing & Leasing |
| Styles |
Core Value Added Opportunistic |
| Comments | Tishman Speyer was founded in 1978 and today, it is one of the leading owners, developers, operators and investment managers of first-class real estate in the world. Tishman Speyer is able to leverage its deep local knowledge of global economies, property markets and strategic relationships - fostered by an active operating history in Europe dating back to 1988 - to consistently create real estate value throughout market cycles. Tishman Speyer also is at the forefront of environmental sustainability worldwide, incorporating the latest technologies and advancements into projects throughout North America, Europe, Brazil, China, and India. Currently under development is OpernTurm, one of Germany’s first Energy Pass rated buildings for new construction and one of the first major high rise building to be completely served by hybrid chilled/ heating ceiling technology. From its nine European offices in seven countries, which are staffed by a team of approximately 160 seasoned local real estate specialists, the firm is able to access many prospective deals and can often bypass competitive bidding. As of July 2008, Tishman Speyer has 111 investments across Europe, totaling approximately €4.6bn in value. |
| Total Real Estate Assets Under Management (millions) (as of 30/06/2010) | |
| Worldwide | US$30,900 |
| Asia | US$1,650 |
| Europe | US$5,250 |
| North America | US$23,000 |
| South America | US$1,000 |
| Type of Capital Owner Clients (%) (as of 30/06/2010) | |
| Pension assets | 25.0% |
| Insurance companies | 14.0% |
| Charities | 20.0% |
| Family Offices & Trusts | 18.0% |
| Other Capital Owners | 41.0% |
| Percentage of Capital Owner Clients (%) (as of 30/06/2010) | |
| Discretionary | 100.0% |
| Pooled | 100.0% |
| Sector Forecasts | |
| Performance verification | Annual property valuations are prepared/reviewed by an independent, external real estate appraiser. To ensure financial reporting is done in compliance with industry accepted standards and regulations, independent auditors are hired to review and verify fund financial statements on an annual basis. Outside of the U.S., financial statements are generally anticipated to be prepared in accordance with International Financial Reporting Standards. |
| Investment Principles & Strategy | Tishman Speyer’s philosophy of approaching each building as a business is facilitated by its vertically integrated real estate operating and investment management platform. This model seamlessly links acquisitions, development, construction, portfolio management, leasing, and property management professionals in the execution of the investment strategy. Vertical integration also allows for greater insight in the acquisitions and portfolio management process through the intelligence contributed by on-the-ground leasing and property management professionals. Simultaneously, acquisition and portfolio management teams are assured greater control over the execution of the investment strategy through the dedicated efforts of the same leasing and property management professionals. This approach results in better communication, faster strategic execution and exacting control of all aspects of real estate ownership and management, including finance, property management, leasing, development, and design and construction. Moreover, Tishman Speyer’s global scope also allows it to centralise certain complex and costly resources at the global level such as financing relationships, telecommunications and security expertise. All key investment decisions are made by the Tishman Speyer Investment Committee, which brings together the collective insight and expertise of some of the firm’s most senior executives. On average, the Investment Committee members have been with the firm for 15 years and have 26 years of experience in the real estate industry. |
| Fee Structures | For detailed information on our fee structure please call Matthias Hünlein, Managing Director – Equity Capital Markets. Tel: +49 69 97541 221 Email: mhuenlein@tishmanspeyer.com |
| Strategic Corporate Development | • Investment activity focuses primarily, though not exclusively, on office and residential properties located in major metropolitan cities located across the United States, Europe, Asia and Latin America. Existing products: • Tishman Speyer Citigroup Alternative Investments Real Estate Venture, L.P. - closed-end fund. Value-added strategy. US/European/South America focus. (This Fund has been liquidated.) • Tishman Speyer Citigroup Alternative Investments Real Estate Venture III, LLC - closed-end fund. Value-added strategy. US/European/South America focus. • Tishman Speyer Citigroup Alternative Investments Real Estate Venture IV, LLC - closed-end fund. Value-added strategy. US/European/South America focus. • Tishman Speyer Citigroup Alternative Investments U.S. Real Estate Venture V, L.P. - closed-end fund. Value-added strategy. US focus. • Tishman Speyer Citigroup Alternative Investments International Real Estate Venture V, L.P. - closed-end fund. Value-added strategy. European/South America focus. • Tishman Speyer European Strategic Office Fund, L.P. - closed-end fund. Core-plus strategy. European focus. • Tishman Speyer Real Estate Venture Fund VI, L.P – closed-end fund. Value-added strategy. US focus. • Tishman Speyer India Fund, L.P. Opportunistic strategy. India Focus. • Tishman Speyer European Real Estate Venture VI (AE) L.P. Value-added strategy. European Focus. • Tishman Speyer Real Estate Venture VII , L.P.- closed-end Value-added strategy. US focus • Tishman Speyer Brazil Fund. L.P. – closed-end, Opportunistic strategy. Brazil Focus. |
| Compliance Statement | Tishman Speyer is committed to good corporate governance for all of the funds and investment vehicles that it manages. Each fund has an in-house legal team and engages external legal experts where necessary that, in association with the local management teams, are responsible for monitoring compliance with the relevant legislation and regulation. The firm has stringent employment criteria and seeks to employ highly skilled professionals and oversight is provided by experienced investment professionals within the global organization and the Investment Committee. Alignment of interest is ensured through incentive based fees and the equity participation of senior management. |
