A UNIQUE VANTAGE POINT

Tishman Speyer, a private real estate company with roots in a family firm founded in 1898, is recognised as one of the world's leading acquirers, owners, developers, operators and fund managers of premier office properties. In large measure, we have achieved this position by recognising opportunities where others see only difficulties. It is this ability, combined with our vertically integrated approach and guided by a unique philosophy of evaluating and operating each property as a stand-alone business - with a focus on maximising long-term profitability - that enables us to optimise the investment return of each property for our investors. 

Tishman Speyer's reputation as one of the world's foremost developers and acquirers of commercial properties is well deserved. With a primary focus on top-quality office properties located in the central business districts of major urban areas, Tishman Speyer has acquired, built or developed more than 320 properties totaling over 115 million square feet representing over $72 billion USD in total value across the United States, Europe and Latin America. Staffed by a global team of over 800 real estate professionals, we currently manage a worldwide portfolio of over 74 million square feet valued at over $52 billion USD.

A HISTORY OF VISION, A HISTORY OF FIRSTS

NEW YORK (520 Madison Avenue, 1978) First investment-grade, stone-clad Manhattan office development in decades, the building heralded a flurry of follow-on development.

CHICAGO (525 West Monroe, 1983) First to recognise the potential of Chicago's West Loop submarket, Tishman Speyer built a Class A property that launched the area's explosive growth.

EUROPE (Messeturm, Frankfurt, 1988) First US real estate company to develop and build a Class A office building in Europe using American-influenced design and construction techniques.

BRAZIL (Torre Norte, Sao Paulo, 1999) First US real estate company to develop and build a Class A office building in Brazil.

AUSTRALIA (Tishman Speyer Office Fund, 2005) First US real estate company to launch a Class A office public offering in Australia.

CHINA (Tishman Speyer GSC Fund, 2005) First US real estate company to start an investment fund focused exclusively on China.

INDIA (TSI Ventures, 2005) First US real estate company to create a pan-Indian real estate operating company that develops Class A properties in India.

TOP OF THE ROCK (Rockefeller Center, 2005) First New York observation deck opening in over 30 years.

CREATING VALUE IN EVERY DISCIPLINE

We take pride in our ability to see opportunity and to add value to every asset.  Our integrated approach, combining development and operational capability with investment expertise, provides the know-how and experience to realise the full potential of every asset.

ACQUISITIONS AND DEVELOPMENT
In every market where Tishman Speyer invests, we have a team of experienced real estate specialists and extensive local market knowledge, resulting in significant competitive advantages.  Information from these specialists enables our acquisitions and development professionals to be first to identify and evaluate acquisition opportunities.  In addition, decades-long relationships with owners, tenants, and brokers as well as civic and community organisations help us identify and control investment opportunities before others, often resulting in off-market transactions.  These advantages are manifested in our ability to see an existing asset's intrinsic value, assemble developable sites in the best locations, and consider complex projects that are beyond the scope of others.

DESIGN AND CONSTRUCTION
From New York to Sao Paulo, we have helped raise the standards of office buildings.  In the process, we have collaborated with some of the world's most talented and creative architectural firms - among them Foster and Partners, Pei Cobb Freed, Philip Johnson, Murphy/Jahn and Kohn Pedersen Fox.  We have also created some of the best known signature buildings in cities around the world, such as the Hearst Headquarters in NY, the North Tower in Sao Paulo, the MesseTurm in Germany and the CBX Tower in Paris.  The goal is always to create an exceptional space that meets every requirement of modern, world-class tenants while controlling expenses and adding value.  Sometimes this means leading the creation of better building standards, other times it's reconfiguring space to allow for more income-producing area, or creating rentable storage space for tenants. Ever mindful of a building's relationship with its surroundings, we are leaders in environmental design.  We maintain tight control on all aspects of the development and redevelopment projects with which we are associated - from the earliest designs through the last stages of construction and delivery, so as to add value at every stage.

LEASING
Our in-house leasing professionals have an intimate knowledge of markets and tenant needs in a way that organisations that outsource this critical function cannot.  Thanks to our strong global network of over 1,500 tenants, our leasing specialists can address space needs before they are brought to market, often eliminating costly re-leasing efforts and downtimes.  Our leasing team's daily interaction with market leaders also assists in improving the assumptions we use to analise potential acquisitions.  Combined with Tishman Speyer's Global Corporate Outreach program, which leverages long-standing relationships with multinational tenants, our leasing team's efforts have resulted in new sources of investment, including off-market transactions, as well as several development and redevelopment deals.

PROPERTY MANAGEMENT
Each Tishman Speyer property has its own team of in-house property management experts.  Approaching each asset as a stand-alone business, these professionals focus on creating value and maximising long-term profitability, while striving to be the landlord of choice.  This approach benefits our investors and tenants alike, whether in the form of superior operational and maintenance standards, or more broadly in the form of savings from our globally-negotiated procurement contracts.  The result is a clean, secure, well-maintained property managed to the standard of a premier owner-occupied building.  All of which may explain why the world's top firms seek properties managed by Tishman Speyer's facilities experts. 

INVESTMENT MANAGEMENT
Since the launch of our first fund in 1997, we have raised over $9.0 billion in direct equity capital through a series of privately-held real estate funds on behalf of over 150 investors.   Many of these investors have participated in numerous funds.  Behind this success has been our ability to deliver strong performance - yielding high double-digit internal rates of return and out performing others in our markets.   It is, we believe, highly significant that we invest our capital along with our fund investors, which creates a strong alignment of interests.  Our proven ability to deliver results has attracted co-investors at the fund's property level as well.  Currently, we sponsor 14 private real estate investment funds, including those targeting the emerging markets of Brazil, China and India, and one public real estate investment company.

As asset manager for the underlying investments of the Trust, affiliates of Tishman Speyer will apply this perspective for the benefit of investors in the Trust.