A Strategic Cooperation Frame Agreement was made and entered into by and between HNA Investment Group Co., Ltd. and Tishman Speyer Worldwide, L.L.C on August 19, 2015 to strengthen and deepen the comprehensive cooperation on the investment in real estate at home and abroad and to promote complementary advantages and resource sharing.
In July 2015 and February 2016, HNA Investment, through its subsidiaries and outbound REITs, invested to make a cooperative development of two commercial real estate projects located at the active Hudson commercial circle in New York, USA with superior geographic locations as a co-investor or promoter.
The first cooperation project is Tishman Speyer Hudson Office, which has superior geographic location and convenient public transport with the 10th Avenue and 11th Avenue in the east and west respectively as well as the 33rd Street and 34th Street in the south and north respectively. The upcoming Metro Line 7 can directly reach the front of the building. The Office is within walking distance to Penn Station and Port Authority Bus Terminal, two important transportation hubs in New York. New York "High Line Park" Phase III Project is also near the Office.
The second cooperation project will be developed on the two adjacent plots within the fast-developing Hudson commercial circle in the far west of Manhattan, which covers an area of 48,216 square feet, with the 36th Street and 37th Street on the south and north respectively. It will expand from the eastern 11th Avenue to the west of the planned Hudson Avenue. On the plots would be the most advanced Grade A office building with a leasable area of about 1.3 million square feet (hereinafter referred to as "Project") It's only one block away from the Project-located position to the new subway station, which will directly lead to the Times Square, Central Station and many other subway lines to Manhattan and other places. The following shall be completed in the early development phase as the beginning of the Project: the purchase of the two plots, design and marketing of the office building, targeting lessees who may rent in advance and the purchase of extra development rights.
Situation of the partner
Tishman Speyer, as a world-class property owner, developer, operator and asset management company, has rich experience and enjoys a leading position in investment, rebuilding, development and operation of global high-end real estate and the management of high-quality assets. The world's most prestigious companies in North America, Europe, Latin America, India and China have to rely on Tishman Speyer to meet their property space requirements. From its establishment in 1978 till December 31, 2014, the company had purchased, developed and/or managed about 133.5 million square feet of assets, with a total value of USD 71.7 billion. Tishman Speyer's landmark buildings include the Rockefeller Center and Chrysler Center in New York, USA, the North Building in São Paulo, Brazil, the Ventura Towers in Rio de Janeiro, Brazil and the Opera Building in Frankfurt, Germany. Tishman Speyer has various projects at different stages in Brasilia, Frankfurt, Gurgaon, Hyderabad, Paris, Rio de Janeiro, San Francisco, São Paulo, Chengdu, Shanghai and Suzhou at present.