Tishman Speyer and Singapore's Sovereign Wealth Fund Looking to Cash Out on CitySpire Offices

Tishman Speyer and Singapore's sovereign wealth fund, GIC, are looking to sell their office portion of the CitySpire tower for $150 million, according to an offering memo from Newmark. The partners had recently completed a $22 million upgrade to the nearly 380,000-square-foot office condo, located at 150 West 56th Street, which is currently 98% leased.

The sale is being overseen by Newmark's Adam Spies and Adam Doneger, who are pitching the offices as a combination of "stability and strategic opportunity, with minimal capital requirements." However, representatives for Tishman and GIC did not immediately respond to requests for comment.

The offices span across 24 floors of the tower and are being marketed as a prime investment opportunity. Despite the recent upgrades, the partners are looking to cash out and capitalize on the current market demand for office space in the area.

This move comes after Tishman Speyer and GIC purchased the CitySpire tower in 2020 for $470 million, and have since completed several renovations and upgrades to the building. However, the partners are now looking to shift their focus and reinvest their profits elsewhere.

Despite the potential for strategic growth and minimal capital requirements, it remains to be seen if Tishman Speyer and GIC will be successful in their quest for $150 million for the CitySpire offices.