Tishman Speyer has closed a transaction with Chinese technology company ByteDance to sell and lease a combined 2.55 million square feet of office and retail space at The Springs in Shanghai.
Best known in the United States for its popular TikTok social media app, ByteDance is acquiring 2.1 million square feet of office and retail space currently under development and is leasing 457,000 square feet of existing office space from Tishman Speyer at The Springs. The development value for the parcel acquired is approximately $1.25 billion.
At 2.55 million square feet, this marks Tishman Speyer’s largest-ever transaction with a single customer.
ByteDance will establish its regional headquarters in four new buildings, which range in size from four to 29 stories. Designed by international architectural firm Gerkan, Marg & Partners, ByteDance’s new campus will include six acres of parks and other highly curated green spaces. Once completed in 2023, ByteDance will
