BIG’s $30 million commitment — 11 percent of total equity — to the 3.1-acre mixed-use development will help create 617 apartments
Tishman Speyer, a global leader in real estate development, has announced that it has secured Basis Investment Group (BIG) as an equity partner for the Santa Monica Collection. BIG’s $30 million commitment — 11 percent of total equity — to the 3.1-acre mixed-use development will help create 617 apartments, 116 of which will be designated as affordable, and approximately 31,000 square feet of retail space. Entitlements are in place and Tishman Speyer says it plans to begin work on the first four buildings in early 2023 with the remaining four commencing in 2024.
“We are pleased to be partnering with Basis Investment Group to cultivate a thriving mixed-use community in the heart of Downtown Santa Monica. This partnership illustrates our commitment to embedding diversity into all aspects of our business,” said Rob Speyer, CEO of Tishman Speyer.
Tammy K Jones, CEO and Founder of Basis Investment Group (BIG) expressed her excitement regarding the opportunity in a press release. A certified minority and woman-owned commercial real estate investment manager, BIG has successfully closed over $4 billion in transactions across multiple strategies and asset classes.
“Inclusive capital matters and we are excited to partner with Tishman Speyer in their commitment to providing investment opportunities in large-scale development projects for MWBE capital providers like Basis,” Jones said.
No stranger to conscious investments toward minority representation, earlier this year NYC-based Tishman Speyer raised $30 million from 161 individual Black and Latinx investors for its 14-acre mixed-use project Enterprise Research Campus — overshooting their initial five percent target allocation from an overall $500 million equity investment by a wide margin.
Since its inception in 1978, Tishman Speyer has acquired, developed, and operated 484 properties across 30 markets worldwide. Its current portfolio includes the Rockefeller Center in New York City, The Springs in Shanghai and TaunusTurm in Frankfurt. The Santa Monica Collection is the company’s first development in Los Angeles.
