Silverstein Properties' Metro Fund JV Begins Development of Four Seasons Hotel Downtown
The Nearly $1 Billion Hotel & Residential Project will Open in Mid-2016
New York - December 2, 2013 - Silverstein Properties today announced that its Metro Fund Joint Venture has successfully financed almost $1 billion to build a Four Seasons hotel, a restaurant and private residences at 30 Park Place in Tribeca. At 926 feet, the property will be the tallest residential tower in Downtown Manhattan - and one of the tallest in the city. The tower will offer residents unprecedented panoramic views of the Midtown skyline and New York Harbor, and will also include a public plaza. Construction on the 82-story tower will officially begin on Tuesday, December 3 at 11am, and it will open in mid-2016.
The 30 Park Place site was purchased in 2007 by Metro Fund, LLC, a joint venture of Silverstein Properties and the California State Teachers' Retirement System (CalSTRS). CalSTRS is being advised by CBRE Global Investors U.S. Managed Accounts Group. Financing for the approximately $1 billion project was provided by the Children's Investment Fund; and Cumming - an international program and cost management firm - is providing project monitoring services on behalf of Children's Investment Fund. The equity was provided by the Metro Fund.
"The day it opens, Four Seasons Hotel New York Downtown will be the top hotel and condominium building in Tribeca," said Larry A. Silverstein, President and CEO of Silverstein Properties, Inc. "It will join and enhance a world-class neighborhood that is already home to a dynamic blend of modern office towers, private residences, high-end retail and dazzling public spaces. Downtown is fast becoming a vibrant, integrated, mixed-use destination on a scale not seen in New York City since Rockefeller Center in 1939."
"All of us at Silverstein Properties are proud to play a role in creating what will be one of the most impactful and iconic buildings in New York," said Marty Burger, Co-Chief Executive Officer of Silverstein Properties. "We have assembled a dream team of partners including Four Seasons Hotels and Resorts - the premier operator of luxury hotels worldwide, Robert A.M. Stern Architects - one of the world's leading architectural design firms and Corcoran Sunshine, New York's most influential marketing and sales firm for luxury residential development."
"CalSTRS is extremely happy with the collaboration through the Metro Fund with Silverstein Properties and its financing partner, the Children's Investment Fund," said Vic Bucchere, Managing Director and Head of Acquisitions for CBRE Global Investors, CalSTRS investment adviser.
Martin Frass-Ehrfeld, Partner at the Children's Investment Fund Management (UK) LLP said,"TCI is excited to provide financing to a pristine group of partners for what will be the highest quality hotel and residential building in Downtown Manhattan. This project perfectly fits our investment strategy in New York City, which includes other high-end residential projects such as 432 Park Avenue and 737 Park Avenue."
Robert A.M. Stern Architects is the design architect for the building. They are designing every aspect of the private residence floor plans and interiors. The hotel will be operated by Four Seasons with interiors designed by Yabu Pushelberg. The private residences will be managed as 30 Park Place, Four Seasons Private Residences New York Downtown. SLCE Architects is the Architect-of-Record. Tishman Construction, which built 7 World Trade Center for Silverstein Properties in 2006, and is the general contractor for Silverstein's 3 and 4 World Trade Center, is serving as general contractor on the project.
"30 Park Place will counterpoint the glass-and-steel office towers that Larry Silverstein and his organization are building along Greenwich Street. Together these buildings will help Downtown Manhattan realize its potential as one of the best places to live and work in the country. I am proud to be a part of this effort," said Robert A.M. Stern, founder and senior partner of Robert A.M. Stern Architects and Dean of the Yale School of Architecture.
Four Seasons Hotel New York Downtown and 30 Park Place, Four Seasons Private Residences New York Downtown will offer the growing residential and business communities a high-level of service and bring a style unique to the Downtown area.
"Four Seasons Hotel New York Downtown will be a truly spectacular property, drawing inspiration from the vibrant architecture, culture and energy of New York - one of the world's greatest cities," said Craig Reid, President Hotel Operations, Americas, Four Seasons Hotels and Resorts. "The hotel will be a dynamic addition to our growing global portfolio and complement to our iconic New York property on 57th Street, adding another choice to discerning guests travelling to this global destination."
Corcoran Sunshine Marketing Group will handle marketing and sales of the condominiums. Condominium sales are expected to start in spring 2014.
"Larry Silverstein is among the most influential people in the industry. His commitment to New York is unwavering. Larry has singlehandedly transformed the Downtown landscape - the introduction of 30 Park Place is his most exciting upcoming contribution," said Corcoran Sunshine President, Kelly Kennedy Mack. "The combination of the greatest hotel brand in the world and a Robert A.M. Stern design is a once in a lifetime opportunity."
Silverstein Properties is also building the world's largest Four Seasons Resort in Orlando, Florida. Construction on the 444-room luxury resort began in December 2011, and it will open in July 2014.
About Silverstein Properties
Silverstein Properties, Inc. is a privately-held, full-service real estate development, investment and management firm based in New York. Founded in 1957 by President and CEO Larry Silverstein, Silverstein Properties has developed, owned, and managed more than 35 million square feet of office, residential, hotel, and retail properties in the United States.
Currently, the firm has $10 billion of development underway including the Four Seasons Resort Orlando at Walt Disney World Resort, the Four Seasons Hotel New York Downtown and 30 Park Place Four Seasons Private Residences New York Downtown and 2, 3 and 4 World Trade Center. In addition, the company is focused on joint ventures for development and acquisitions in Europe and Asia. The company has been recognized as one of the "Best Places to Work in New York City" by Crain's New York Business for the past five years. For more information on Silverstein Properties, please visit www.silversteinproperties.com or www.wtc.com.
About CalSTRS
The California State Teachers' Retirement System, with a portfolio valued at $165.9 billion as of August 31, 2013, is the largest educator-only pension fund in the world. CalSTRS administers a hybrid retirement system, consisting of traditional defined benefit, cash balance and voluntary defined contribution plans. CalSTRS also provides disability and survivor benefits. For 100 years, CalSTRS has served California's public school educators and their families, who today number 862,000 from the state's 1,600 school districts, county offices of education and community college districts.
About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $88.2 billion in assets under management* as of June 30, 2013. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world's premier, full-service commercial real estate services and investment company for the benefit of its investors. CBRE Group, Inc. has approximately 37,000 employees in more than 300 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of properties and real estate-related loans; securities portfolios; and investments in operating companies, joint ventures and in private real estate funds under its fund of funds program. This AUM is intended principally to reflect the extent of CBRE Global Investors' presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.
About Four Seasons Hotels and Resorts
Four Seasons Hotels and Resorts is dedicated to perfecting the travel experience through continual innovation and the highest standards of hospitality. From elegant surroundings of the finest quality, to caring, highly personalized 24-hour service, Four Seasons embodies a true home away from home for those who know and appreciate the best. The deeply instilled Four Seasons culture is personified in its employees - people who share a single focus and are inspired to offer great service. Founded in 1960, Four Seasons has followed a targeted course of expansion, opening hotels and residences in major city centres and desirable resort destinations around the world. With 92 properties in 38 countries, and more than 60 projects under development, Four Seasons continues to lead the hospitality industry with innovative enhancements, making business travel easier and leisure travel more rewarding. For more information on Four Seasons, visit http://press.fourseasons.com and follow on Twitter at @FourSeasonsPR.
About Corcoran Sunshine Marketing Group
With over 25 years of experience in marketing and collective sales of $20 billion, Corcoran Sunshine Marketing Group is the recognized industry leader in the predevelopment planning, marketing, and sales of luxury residential development. Corcoran Sunshine provides developers with an unparalleled set of services and homebuyers with residences of the highest quality and most enduring value. Representing properties throughout the United States and in select international locations, Corcoran Sunshine's portfolio contains a curated collection of the world's most desirable new addresses. Current properties include The Mark, 101 Warren Street, 40 Bond, Metal Shutter Houses, 100 11th Avenue, Artisan Lofts, 995 Fifth Avenue, and 170 East End Avenue. For more information, visit www.corcoransunshine.com
About Robert A.M. Stern Architects
Robert A.M. Stern Architects, LLP, is a 300-person firm of architects, landscape architects, interior designers, and supporting staff. Over its thirty-nine-year history, the firm has established an international reputation as a leading design firm with wide experience in residential, commercial, and institutional work. As the firm's practice has diversified, its geographical scope has widened to include current projects in Europe, Asia, South America, and throughout the United States. The firm maintains an attention to detail and commitment to design quality which has earned international recognition, numerous awards and citations for design excellence, including National Honor Awards of the American Institute of Architects, and a lengthening list of repeat clients. The firm's work in New York includes Fifteen Central Park West for Zeckendorf Development; residential buildings for Related, including the Chatham, the Westminster, Tribeca Park, Tribeca Green, the Brompton, the Harrison, and Superior Ink; improvements at the Kaufman Center on West 67th Street; and the new Museum for African Art on Museum Mile, together with residences at 1280 Fifth Avenue for Brickman Associates. The firm continues to work with the City and State of New York on the implementation of its design guidelines for the revitalization of the theater block of 42nd Street. For more information, visit www.ramsa.com.
About Cumming
Cumming is an international project and cost management firm. Since opening for business in 1996, Cumming has provided efficient and cost-effective solutions to ensure that projects in the hospitality, government, education and healthcare sectors are executed on time and within budget. Cumming provides a solutions-oriented suite of services that specifically address its clients' unique challenges, thus enabling them to achieve extraordinary results. For more information, please visit www.ccorpusa.com.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
