Tishman Speyer today announced it has secured the Basis Investment Group (BIG) as an equity partner in the Santa Monica Collection, its portfolio consisting of eight development sites across nearly 3.1 acres in Downtown Santa Monica, CA.
A certified minority and woman-owned commercial real estate investment manager, BIG has committed $30 million – 11 percent of the total equity – to the development, which will encompass 617 apartments, 116 of which will be designated as affordable, and approximately 31,000 square feet of retail. With entitlements in place, Tishman Speyer expects to start work on the first four buildings in early 2023 with the remaining four commencing in 2024.
The Santa Monica Collection will address an acute need for more modern, high-quality rental housing at multiple price points in Downtown Santa Monica, a neighborhood known for its vibrancy, attractive outdoor lifestyle and proximity to innovation job centers. The development will create a critical mass of new housing within easy walking distance to world-class restaurants, shops and nightlife options, as well as the Downtown Santa Monica light rail station.
“We are pleased to be partnering with Basis Investment Group to cultivate a thriving mixed-use community in the heart of Downtown Santa Monica,” said Tishman Speyer CEO Rob Speyer. “This partnership illustrates our commitment to embedding diversity into all aspects of our business. By making a conscious effort to remove structural and institutional impediments to equitable representation, we strengthen our firm and the communities served by our investments.”
In 2021, Tishman Speyer announced that it had raised $30 million in equity from 161 individual Black and Latinx investors for the Enterprise Research Campus, a 14-acre mixed-use campus it is developing in partnership with Harvard University. In doing so, Tishman Speyer surpassed its initial target of allocating five percent of the $500 million in equity to minority investors for the first phase of the project, which will include 900,000 square feet of labs, offices, apartments, and a hotel.
“Inclusive capital matters and we are excited to partner with Tishman Speyer in their commitment to providing investment opportunities in large scale development projects for MWBE capital providers like Basis,” said Tammy K. Jones, CEO and Founder of Basis Investment Group (BIG). “We applaud Tishman Speyer for being a leader in breaking down barriers and creating access to wealth creating- joint venture opportunities that diverse firms have largely been excluded from.”
Since its inception in 2009, BIG has been at the forefront of enacting and empowering change while embedding ESG considerations into its business and investment decisions. As one of the only African American, female majority-owned and -led CRE and multifamily investment and lending platforms in the U.S., Basis is a testament to the positive impact generated by a thoughtful and intentional approach to diversity, equity, and inclusion. Basis has implemented significantly increased due diligence, risk analysis, and environmental, social, and governance (ESG) reporting processes to provide greater transparency for all Basis clients and stakeholders, further solidifying the company as a forward-looking change agent within the industry.
