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Tuesday, August 18, 2009
Another Failure for Robbie Speyer
Looks like Stuyvesant Town/Peter Cooper Village is not the only financial headache for Rob Speyer:
A partnership led by Tishman Speyer Properties is in default on debt tied to one of the largest office portfolios in the Washington area, the latest in a line of humbling turns for the prominent property developer. Tishman Speyer paid $2.8 billion in late 2006 for what was known as the CarrAmerica portfolio, a collection of 28 buildings leased to law firms, lobbyists and other upscale tenants in and around Washington. But in taking advantage of the easy credit terms of the time, Tishman ended up overpaying....
It is proving a test of the business mettle of Rob Speyer, a 39-year old former newspaper reporter. The son of Jerry Speyer -- former chairman of the board of the Federal Reserve Bank of New York and chairman of the Museum of Modern Art -- is being groomed to take over Tishman Speyer, a closely held 31-year-old firm that owns or manages real estate valued at over $35 billion from Brazil to Germany to China.