Two Chinese life insurance companies will make their first equity investments in U.S. real estate, teaming with Tishman Speyer on an office and residential project in Boston’s Seaport District.
It will be the first time that China Life Insurance Group Co. and Ping An Insurance Group Co. of China have co-invested in real estate outside of their home country, according to a statement from the companies Wednesday. Tishman Speyer acquired the Pier 4 development site in December 2014 will serve as general partner and manager of the project. Terms of the transaction weren’t disclosed.
“Tishman Speyer has been an active investor and developer in China for more than a decade,” Rob Speyer, co-chief executive officer of New York-based Tishman Speyer, said in the statement. “In that time, we have forged strong, productive relationships with both” Beijing-based China Life and Ping An, based in Shenzhen.
The site is adjacent to Boston’s financial district. Tishman Speyer plans to construct a 13-story building primarily for offices, a nine-story, 100-unit luxury residential condominium building and a three-level below-grade parking facility. Work on the project, which will have ground-floor retail space, is scheduled to start in the fourth quarter.