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Tishman Speyer, Mitsui Fudosan America Double Down On U.S. Industrial With Newly Formed JV

Tishman Speyer and Mitsui Fudosan America are teaming up to bring more industrial properties to supply-constrained markets.

The partnership, known as Tishman Speyer-Mitsui Fudosan America Logistics Venture, is seeded by a $500M commitment by an affiliate of MFA as well as co-investment funds from Tishman Speyer. It will involve the acquisition, development, redevelopment and operation of facilities in growing markets with high barriers to entry, according to a news release. 

Areas of focus include Los Angeles, the San Francisco Bay Area, Austin, San Diego, Washington, D.C., Boston, Chicago, and the New York and Puget Sound metro areas.

17 William Drive in Pittsburgh was one of the first properties acquired by Tishman Speyer's industrial arm when it launched late last year.

“The evolving needs of today’s consumer have generated strong demand for well-located, functional industrial properties,” Tishman Speyer CEO Rob Speyer said in a statement. “Through this new joint venture, we intend to create and operate facilities that bring companies closer to their customers.”

The firms are already working together on some of Tishman Speyer’s life sciences, residential and office projects. MFA is a partner on Torrey View, a lab complex project in San Diego, as well as Mission Rock Phase 1, a mixed-use project in the Bay Area.

MFA has been an investor in American office and residential properties since the 1970s, but its foray into industrial is more recent. Its Mitsui Fudosan Logistics Park real estate investment trust launched in 2015 and has 53 projects on the ground in Asia, per the release.

The joint venture with Tishman Speyer will allow MFA to bring its logistics park brand stateside, Senior Vice President of Acquisitions Sean McSweeney said in a statement.

“Our partnership with Tishman Speyer has already proven its success in finding opportunity and delivering value to a wide range of urban communities throughout the U.S.,” he said. “This initiative extends from the decade-long commitment by Mitsui Fudosan Co. Ltd. to acquire, develop and manage industrial facilities.”

Tishman Speyer, which is known for its office, residential and retail projects, is also new to the industrial space, having acquired its first two distribution centers in Pittsburgh and Colorado Springs in late 2021. The firm’s industrial arm is led by Andy Burke, who previously worked for Prologis and Terreno Realty Corp.

Now that it has teamed up with MFA, Tishman Speyer can branch out from acquisitions into development, according to the release.

“The servicing requirements that come with an ever-expanding omnichannel experience are constantly creating dynamic demands on the supply chain,” Burke said. “By positioning our investments in high density locations in the path of consumption, we will unlock significant value for our customers and our investment partners.”