Tishman Speyer Establishes Affordable Housing Platform; Adds Two NYC Studio Co-Working Locations
Real Estate In-Depth | July 2020
NEW YORK— Tishman Speyer President and CEO Rob Speyer announced on July 20 that the firm has hired Gary Rodney to help establish and manage a new affordable housing platform that will initially focus on the New York City region.
Rodney will help Tishman Speyer source opportunities to acquire, redevelop and engage in ground-up construction of quality housing that is affordable to low- and middle-income New Yorkers throughout the five boroughs.
Rodney brings more than two decades of experience related to the development and financing of affordable housing to his newly-created Managing Director role at Tishman Speyer. For the past four years, Rodney served as Chairman of CREA, LLC, where he worked with the senior management team and its partners to help finance quality affordable housing in cities throughout the country.
Immediately prior to CREA, Rodney served as President of the New York City Housing Development Corporation (HDC), one of the nation’s most active housing finance agencies and the largest municipal issuer of mortgage revenue bonds for affordable multi-family housing. During his tenure at HDC, Rodney oversaw approximately $14 billion of assets, including a multifamily portfolio of more than 190,000 units and approximately $10 billion in mortgage loans.
“Now more than ever, our public and private sectors must work together to create a new generation of quality affordable housing for New Yorkers of all income levels,” Speyer said. “We all must do our part in addressing an affordability gap that affects thousands of people, including those who perform vital tasks in our hospitals, schools, construction sites and other essential institutions. I am thrilled that Gary Rodney will help lead this charge within Tishman Speyer.”
“I am honored to join the deep, experienced and ever-growing team of design, finance, construction and development professionals at Tishman Speyer,” Rodney said. “Tishman Speyer combines unparalleled placemaking and attention to detail with an innate ability to take on complex challenges. I am looking forward to seeing these skills brought to bear in the affordable housing space.”
Prior to HDC and CREA, Rodney served as Executive Vice President for Development at Omni New York, LLC, a real estate development company that focused heavily on the preservation and development of affordable housing properties, and as Director of Development at BFC Partners.
Rodney received his B.A. from the University of Rochester and a Masters of Urban Planning from New York University’s Robert F. Wagner Graduate School of Public Service. He currently serves on the Board of Directors for the NYU Furman Center for Real Estate and Urban Policy, the Community Preservation Corporation, the New York State Association for Affordable Housing and the New York Housing Conference.
Studio Expands to Two Additional NYC Locations
Tishman Speyer also announced an expansion of its Studio co-working brand to more than 140,000 square feet at two new locations in New York City—1230 Avenue of the Americas and 300 Park Ave.
Studio offers flexible workspace, offices and meeting rooms outfitted with the newest technology, tenant amenities, and highly-curated programming through Tishman Speyer’s amenity platform ZO.
Studio was developed for organizations and individuals seeking Tishman Speyer amenities and services with a focus on improving employee productivity and well-being, allowing companies to focus on their business and what they do best. As tenants and employees prepare for and return to office working in a post-Covid-19 landscape, the company states that Studio has developed best-in class operational standards to ensure its members’ health and safety, and offers short- and long-term leasing that can be scaled up or down as companies reevaluate their office needs.
First introduced in 2018 at Rockefeller Center in New York City, Studio, at nearly 35,000 square feet, achieved 100% occupancy in five months. Studio at 1230 Avenue of the Americas utilizes four floors and 110,000 square feet, while Studio at 300 Park Ave. totals 32,000 square feet of new co-working space.
“Studio’s flexible and highly curated options are ideal for those looking for a flexible, ready to move-in space, without having to compromise on its quality. We have seen companies use it as their HQ as they grow, to enter a new market, expand their footprint in a market but with flexibility, current tenants that are retrofitting their offices to meet the newly established social distancing guidelines and temporarily require additional space, and also those considering a transition to a larger office footprint, looking for a mix of traditional and flexible terms,” said Thais Galli, a Tishman Speyer managing director and head of Studio. “The need for flexible office workspace has grown tremendously, and we are pleased that the new space at Rockefeller Center already is nearly 50% leased despite the launch during the current situation.”
Tishman Speyer is a leading owner, developer, operator and fund manager of first-class real estate in 27 key markets across the United States, Europe, Asia and Latin America. Founded in 1978, Tishman Speyer develops, builds and manages premier office, residential and retail spaces for industry-leading tenants, as well as state-of-the-art life science centers through its Breakthrough Properties venture. Tishman Speyer has acquired, developed, and operated a portfolio, valued at approximately $97 billion and totaling 184 million square feet across 420 properties, that incorporates such iconic projects 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.