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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:

http://online.wsj.com/article/SB125063689346841513.html

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.

4 comments:

Anonymous said...

Living proof that nepotism doesn't pay!

Anonymous said...

Aww, poor baby!

Anonymous said...

Yeah, tihs guy really deserves it. He bit off WAY more than he could chew.

Anonymous said...

I totally agree with all posters here. There must be a way we can stop these guys from kicking out these RS people. For one, their procreation is what allows us to be here to enjoy the fruits of their efforts in a baeutiful NYC setting. The last time I checked, it was pretty hard to find space like Stuy Town in NYC, and it may be the only one I know of. Secondly, so what if you live here only 7 months of the year. That's STILL more than half the year, which means they spend the majority of the time here and aren't 'abusers' of the RS system.