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Tishman’s Australia fund plunging into slump, Two Alliance Center bags LEED Gold designation by the U.S. Green Building Council

By Germaine Lombardo for CEOWORLD Magazine Updated:October 14, 2009

Tishman Speyer Office Fund (ASX:TSO) gave Tishman a fresh source of capital, while offering Australian investors a chance to profit from the rising tide in US office values with the security of knowing one of New York’s most prominent property owners and developers was at their side.

Five years later, the outlook is much grimmer for the fund that is managed by a subsidiary of the Tishman empire that also owns New York’s Rockefeller Centre and the Chrysler Building. The stock price, which touched highs near $3 in early 2007, are off the lows in the single penny range this year but are still trading in a range around 35 cents. And in the latest sign of its troubles, the fund is scrambling to raise cash and reduce its debt load by selling two California office buildings at substantial losses, wsj reported.

Tishman Speyer announced today that Two Alliance Center — the firm’s recently-completed trophy office tower in Atlanta’s Buckhead submarket — has been awarded the LEED Gold designation by the U.S. Green Building Council. Two Alliance is believed to be the first Buckhead office building, and among the first properties in Atlanta, to receive such certification.

The 30-story, 500,000-square-foot building met challenging sustainability objectives during construction, which was completed in July 2009. According to the firm, approximately15 percent of materials used in construction were previously recycled. In addition, over 75 percent of the project’s construction waste was recycled and therefore diverted from landfills. The company also said that approximately 25 percent of construction materials were extracted or manufactured within 500 miles of the project site, thereby reducing the environmental impact from transportation.

The company also has made a firm commitment to operate an effective program to recycle building waste and to use green housekeeping supplies.

Tishman Speyer President and Co-CEO Rob Speyer commented, “In today’s commercial real estate market, developers are being challenged by the community at large to build in ways that do the least possible damage to the environment. Likewise, many commercial tenants have high expectations and want to do business with landlords who are responsible in the way they use energy and otherwise operate their properties. We take those expectations seriously, and will continue to look for ways to achieve maximum sustainability in the buildings we develop, own and manage.”

Two Alliance, standing at Buckhead’s top office location, features visually stunning and efficient design elements, along with dramatic skyline views. The building offers covered parking, an array of first-class on-site amenities, and direct or convenient access to GA 400, Peachtree Road, MARTA public transportation and Atlanta’s finest shopping, cuisine and world-class hotels. Designed by Smallwood, Reynolds, Stewart, Stewart & Associates and Mack Scogin Merrill Elam Architects, and constructed by The Beck Group, the new tower complements Tishman Speyer’s One Alliance Center — which was built in 2001 and is fully leased.

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