Tishman Speyer today announced the sale of The Springs Center in Shanghai to a RMB fund co-managed by CapitaLand Investment. The deal values the ten-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 2022.
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 ten buildings in phases, between 2014 and 2019. The buildings, all of which are LEED Gold certified, are currently 99 percent leased to leading multinational companies including Nike, Henkel and Douyin Group.
Tishman Speyer is currently constructing a pair of iconic skyscrapers featuring mid-tower hanging gardens and rooftop gardens at The Springs. The 280-meter (919-foot) and 250-meter (820-foot) twin towers of The Springs, known as “The Eye of Wisdom,” are scheduled for completion in 2023 and 2025 respectively.
“Just over a decade ago, we set out to create a dynamic mixed-use community, anchored by the world’s most technologically advanced companies,” said Tishman Speyer CEO Rob Speyer. “CapitaLand’s investment is a testament to the tremendous success of our vision. We are pleased to complete this transaction with them as we move forward to the final stages of development at The Springs.”
This sale is Tishman Speyer’s second major transaction at The Springs over the past 18 months. In June 2021, Tishman Speyer sold four under-development office buildings, totaling 195,000 square meters (2.1 million square feet) to a TMT company for its regional headquarters campus.
Wilson Chen, Tishman Speyer Senior Managing Director and Chief Executive Officer – China, added, “We are extremely proud of our stewardship of The Springs, which has quickly established itself as the Yangpu District’s foremost hub for innovation and creativity. We look forward to completing the final elements of this vital project.”