Tishman Speyer sells 10-building office campus in Shanghai for $1b

Tishman Speyer has sold The Springs Center in Shanghai to an RMB-denominated fund co-managed by CapitaLand Investment.

The deal values the 10-building office campus, which Tishman Speyer built during the first phase of The Springs development, at 7.6 billion RMB ($1.1 billion), making it one of the largest real estate transactions in China in the past year.

Launched by Tishman Speyer in 2011, The Springs will encompass nearly 900,230 square meters (10 million square feet) of creative offices, new residences, hotels, restaurants, retail, entertainment and cultural venues. Located on a 26.6-hectacre (66-acre) former military airfield situated adjacent to a 13.4-hectacre (33-acre) ecological reserve in Shanghai’s Yangpu District, The Springs also features an array of public parks, gardens, playgrounds and other open spaces.

Tishman Speyer developed the 200,000-square-meter (2.12 million-square-foot) office campus, opening the 10 buildings in phases between 2014