Davis Polk advised Stichting Bedrijfstakpensioenfonds voor de Bouwnijverheid (Bouwinvest) in connection with its acquisition of an interest in a multi-party joint venture managed by Tishman Speyer to develop “The Spiral”, a 65 story trophy office tower to be constructed in the Hudson Yards district of Manhattan.  Once completed, The Spiral will occupy an entire city block between 34th and 35th Streets and will contain 2.85 million square feet of space, of which 28% will be occupied by Pfizer Inc., which is relocating its global headquarters from 235 East 42nd Street to The Spiral. 

The construction and development of The Spiral is being funded with $1.9 billion in equity from Bouwinvest and more than a dozen other institutional, pension fund and individual investors and $1.8 billion in construction financing from Blackstone Mortgage Trust.

Located in the Netherlands, Bouwinvest is the Foundation for the Construction Industry Pension Fund. It serves Dutch employers and employees of the construction industry and has approximately €55 billion under management. Tishman Speyer is an owner, developer, operator and fund manager of first-class real estate around the world. The firm has acquired, developed and operated a portfolio of over 165 million square feet with a total value of approximately $83 billion spread over 401 assets. Signature assets include New York City’s Rockefeller Center and Chrysler Center. 

The Davis Polk real estate team included partner Brian S. Lichter and counsel Brian D. Hirsch. Partner Leor Landa provided investment management advice. All members of the Davis Polk team are based in the New York office.

Daniel Nelson of Morgan Lewis assisted as Bouwinvest’s tax counsel. Gibson, Dunn & Crutcher LLP advised Tishman Speyer in connection with the equity investments. Sullivan & Cromwell LLP represented Tishman Speyer and the other venture partners in connection with the debt financing. Fried, Frank, Harris, Shriver & Jacobson LLP represented Blackstone.

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