Tishman Speyer Announces Basis Investment Group as Equity Partner for 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

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 mixeduse 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 womanowned 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. would give additional direction if needed. tour offer valid for back to back departures only. Offers can expire earlier due to space or inventory availability. Space is limited and savings are only available on select departures. Space is on a first come, first served basis. Offers are not valid on group or existing bookings. Offers are combinable with Member Benefits only. Offer is not combinable with date. charges, Wi-Fi, and gratuities. Offer value amounts may vary by length of sailing, sail date, stateroom category, based on availability, and are subject to change at any time without notice. Ask your AAA Travel Advisor for complete details of each offer. ©2022 Celebrity Cruises. Ships’ registry: Malta. AAA Travel Sale Gift Card offer (“Offer”) only valid on bookings made through Automobile Club of Southern California. Minimum purchase required to qualify for Gift Card offer. Maximum one (1) Gift Card offer per household. Offer is combinable with AAA Travel Sale offers only. Offer valid only on new bookings made on or after October 21, 2022, which are under full deposit no later than November 5, 2022, for travel commencing no later than March 31, 2023. Gift Card will be provided to lead client/trip payee following trip final payment. Bookings of $5,000 – $9,999 qualify to receive a $50 Gift Card; bookings of $10,000+ qualify to receive a $100 Gift Card. Valid only on cruise or tour bookings provided through one of AAA’s preferred travel providers; not valid on Fly/Drive packages. The program’s gift card merchants are subject to change at any time and are not endorsed by or affiliated with AAA, nor are such merchants considered sponsors or co-sponsors of this program, and AAA disclaims responsibility for any products or services purchased using a gift card provided under the program. Gift cards/certificates are subject to the issuing merchant’s terms and conditions. A U.S. address is required for delivery. AAA Travel Alert: Many travel destinations have implemented COVID-19-related restrictions. Before making travel plans, check to see if hotels, attractions, cruise lines,

Councilmember de la Torre said that “We saw the airport presentation, we looked at it on an international scale, what’s working throughout other parts of the world. I think we need to do the same thing here with the Third Street Promenade; what’s working on a regional level, a national level and an international level and bring those best practices to the Promenade.

The next council member to speak was Phil Brock who said, “I think, first, we need to think innovatively and act innovatively. And in this motion, we cannot forget the role of safety and cleanliness, of making sure that not the Promenade and that 1200 block feel safe, but the transit corridors and the walking corridors for our residents to that block be safe. Again, the Promenade is, first and foremost, for our residents.

Over a quarter of the retail spaces on the promenade are currently vacant, however DTSM CEO Andrew Thomas is optimistic that a public-private partnership could help revitalize the Promenade.

“Any vacancy on the Third Street Promenade is a concern, and the levels we are experiencing today are certainly higher than we’ve experienced in the recent past. However, the Promenade has had dips in the past and it has successfully reinvented itself thanks to the private-public partnership between our commercial property owners and the City of Santa Monica,” Thomas said.