Tishman Speyer to Create Rentals in Popular Wujiaochang Submarket; First Multifamily Project in Shanghai Expands Global Multifamily Portfolio
Tishman Speyer announced it has acquired a 20-story property located at Wujiaochang in Shanghai from Pengxin. Tishman Speyer plans to convert the former hotel into approximately 300 new rental apartments, marking the company’s first multifamily project in Shanghai.
The residences, located on Levels 2 – 20 of the development, range in size from studios to 2 bedrooms and feature upgraded bathrooms and new kitchens and will be operated by Singapore-headquartered Frasers Hospitality. Tishman Speyer intends to complete renovations and open the property in the second quarter of 2025.
In conjunction with the apartment conversion, Tishman Speyer will transform the lower levels of the 34,279-square-meter property into a redesigned entrance, dedicated lobby and a suite of amenities for residents, including a fitness center, all-day dining restaurant and multifunctional rooms. Tishman Speyer will also make improvements to the building’s façade and exterior landscaping.
“This acquisition presented an attractive opportunity to diversify our Shanghai portfolio,” said Wilson Chen, CEO of Tishman Speyer China. “We will leverage our extensive mixed-use experience and deep local knowledge to deliver quality housing that is in high demand in the market.”
Conveniently located in the Wujiaochang central business district, the project is in close proximity to the Inner Ring road entrance and subway line 10, offering connection to major commercial centers and the Hongqiao transportation hub. Top universities including Fudan University, Tongji University and Shanghai University of Finance & Economics are within three kilometers. Residents will benefit from easy access to the supermarkets, shopping malls, restaurants and other retailers that surround the project.
The project is also a short ride to The Springs, the 900,230-square-meter campus developed by Tishman Speyer that includes creative offices, new residences, hotels, restaurants, retail, entertainment and cultural venues, as well as public parks, gardens, playgrounds and other open spaces. In March, Tishman Speyer announced an agreement with Diaoyutai MGM Hospitality to create and operate a Mirage by MGM within the final mixed-use tower being developed at The Springs.
The project is the latest addition to Tishman Speyer’s growing national and international residential platform. Since making its first investment in residential in 1989, the firm has added over 25,000 units of both for rent apartments and for sale condos in the United States, Brazil, China and across Europe. Today, Tishman Speyer has more than 8,900 units in its residential development pipeline.
Over the past year alone, Tishman Speyer has added 1,100 units across three residential communities, and commenced construction on approximately 2,300 rental units in mixed-use projects. In 2023, the firm also announced a joint venture with Frasers Hospitality, a strategic business unit of Frasers Property, to acquire the rental apartment portion of the Shennan 1001 project in Shenzhen. In addition to its geographic diversity, Tishman Speyer’s multifamily acquisitions and developments are designed to serve residents across the income spectrum – from affordable and workforce housing to luxury market-rate rentals.
About Tishman Speyer (tishmanspeyer.com)
Tishman Speyer is a leading owner, developer, operator and investment manager of first-class real estate in 35 key markets across the United States, Europe, Asia and Latin America. Our portfolio spans market rate and affordable residential communities, premier office properties and retail spaces, industrial facilities, and mixed-use campuses. We create state-of-the-art life science centers through our Breakthrough Properties joint venture, and foster innovation through our strategic proptech investments. With global vision, on-the-ground expertise and a personalized approach, we are unparalleled in our ability to foster innovation, quickly adapt to global and local trends and proactively anticipate our customers’ evolving needs. By focusing on health and wellness, enlightened placemaking and customer-focused initiatives such as our tenant amenities platform, ZO, and our flexible space and co-working brand, Studio, we tend not just to our physical buildings, but to the people who inhabit them on a daily basis. Since our inception in 1978, Tishman Speyer has acquired, developed, and operated 556 properties, totaling 225 million square feet, with a combined value of over $128 billion (U.S.). Our current portfolio includes such iconic assets as Rockefeller Center in New York City, The Springs in Shanghai, TaunusTurm in Frankfurt and the Mission Rock neighborhood currently being realized in San Francisco.
