REAL ESTATE TECHNOLOGY,REAL ESTATE INVESTMENT
Tishman Speyer and Mitsui Fudosan America | November 09, 2022
Tishman Speyer and Mitsui Fudosan America (MFA) today announced the formation of a new programmatic joint venture dedicated to the acquisition, development, redevelopment and operation of industrial properties in leading U.S. cities.
The newly-created Tishman Speyer-Mitsui Fudosan America Logistics Venture will be seeded by an initial $500 million commitment from an affiliate of MFA along with co-investment capital from Tishman Speyer. The funds will be used to pursue ground-up development projects and the major repositioning or redevelopment of existing value-add industrial acquisitions. The joint venture will prioritize ESG investments that adhere to the standards and specifications set forth by market leading environmental certifications such as LEED and GRESB.
The partnership will focus primarily on major urban centers with dynamic workforces, growing populations and high barriers to entry such as Los Angeles, the New York Metro region, the Puget Sound region, San Francisco Bay Area, Austin, San Diego, Washington D.C., Boston and Chicago. Tishman Speyer will execute its industrial strategy through its long-established in-house teams within its target markets.
Tishman Speyer will invest in a wide range of industrial assets that facilitate the movement and delivery of goods and services in those high barrier locations, including distribution, warehousing, research and development, small bay, transload and outdoor storage.
"The evolving needs of today's consumer have generated strong demand for well-located, functional industrial properties. This is especially true in the most supply-constrained urban centers. Through this new joint venture, we intend to create and operate facilities that bring companies closer to their customers, We are also excited to grow and diversify our strategic partnership with Mitsui Fudosan America - already a co-investor in a number of Tishman Speyer's life sciences, residential and office developments."
-Tishman Speyer CEO Rob Speyer
Said Sean McSweeney, Senior Vice President, Acquisitions, at Mitsui Fudosan America, This is an exciting area for the growth and expansion of our portfolio. Our partnership with Tishman Speyer has already proven its success in finding opportunity and delivering value to a wide range of urban communities throughout the U.S. This initiative extends from the decade long commitment by Mitsui Fudosan Co., Ltd., to acquiring, developing and managing industrial facilities. In Asia, under the Mitsui Fudosan Logistics Park flagship brand, there are 53 projects being developed and managed.
Tishman Speyer launched its industrial platform in December 2021 with the acquisition of two distribution centers in Pittsburgh and Colorado Springs. In 2022, the firm tapped industry veteran Andy Burke to serve as Managing Director and Head of Industrial. Burke previously held leadership roles at AMB Property Corporation (now Prologis) and most recently at Terreno Realty Corporation, where he was part of the management team that established its platform and took the company public in 2010.
Mitsui Fudosan America's commitment to this new joint venture will accelerate our industrial platform's expansion from core and core-plus assets to include value-add, development and redevelopment opportunities, said Tishman Speyer Senior Managing Director Paul Galiano, who serves as Co-Head of U.S. Acquisitions and Global Capital Markets.
Added Burke, The servicing requirements that come with an ever-expanding omnichannel experience are constantly creating dynamic demands on the supply chain. By positioning our investments in high density locations in the path of consumption, we will unlock significant value for our customers and our investment partners.
About Tishman Speyer
Tishman Speyer is a leading owner, developer, operator and investment manager of first-class real estate in 32 key markets across the United States, Europe, Asia and Latin America. We develop, build and manage premier office, residential and retail spaces for industry-leading tenants, as well as state-of-the-art life science centers through our Breakthrough Properties venture. With global vision, on-the-ground expertise and a personalized approach, we are unparalleled in our ability to foster innovation, quickly adapt to global and local trends and proactively anticipate our customers' evolving needs. By focusing on health and wellness, enlightened placemaking and customer-focused initiatives such as our tenant amenities platform, ZO., and our flexible space and co-working brand, Studio, we tend not just to our physical buildings, but to the people who inhabit them on a daily basis. Since our inception in 1978, Tishman Speyer has acquired, developed, and operated 512 properties, totaling 217 million square feet, with a combined value of over $126 billion (U.S.). Our current portfolio includes such iconic assets as Rockefeller Center in New York City, The Springs in Shanghai, TaunusTurm in Frankfurt and the Mission Rock neighborhood currently being realized in San Francisco.
About Mitsui Fudosan America
Mitsui Fudosan America, Inc. (MFA) is the U.S. subsidiary of Japan's largest real estate company, Mitsui Fudosan Co., Ltd., a publicly-traded company with approximately $65 billion of assets. MFA is responsible for Mitsui Fudosan's real estate investment and development activities in North America, and is headquartered in New York, with branch offices in Washington D.C., San Francisco, Los Angeles and Honolulu. MFA has been active in the United States since the 1970s, and currently owns assets in the New York, Washington D.C., Boston, Dallas, Atlanta, Denver, Seattle, San Francisco, Los Angeles, San Diego and Honolulu metropolitan areas. MFA's U.S. portfolio includes 8.6 million square feet of office space, 2.7 million square feet of office space under development, 2,000 residential apartments, 5,300 additional rental units under development, as well as 741 hotel rooms. Additionally, MFA has recently developed several condominium projects in the New York and Washington D.C. markets.
REAL ESTATE INVESTMENT,MORTGAGE AND LENDING
MeridianLink | November 08, 2022
MeridianLink, Inc.® (NYSE: MLNK) today announced it has completed the acquisition of OpenClose™, a leading fintech provider of residential mortgage software solutions for banks, credit unions, and independent mortgage lenders. The acquisition will enable customers to deliver seamless digital lending experiences to consumers, while reducing costs and time to close. The deal will also support the continued market expansion of MeridianLink’s full system capabilities serving depository organizations.
MeridianLink is committed to ongoing innovation and will continue its investment in both the OpenClose (LenderAssist™) and MeridianLink® Mortgage (formerly known as LendingQB®) LOS solutions, giving customers more choices for award-winning digital lending offerings. The OpenClose and MeridianLink Mortgage workflow-driven solutions offer market-leading digital loan origination systems (LOS), point-of-sale (POS), product and pricing engine (PPE), and business intelligence (BI) functions, with easy access from any browser or mobile device.
“We are thrilled to welcome the OpenClose team to MeridianLink. Combining the strengths of our organizations is great for the industry as we further enable our customers to deliver fast, frictionless mortgage lending experiences, from application through closing, This acquisition ensures that all customers can be confident that they have a comprehensive, premier mortgage solution in whichever offering they choose and that we will continue to invest in both offerings as we evolve the products to incorporate the best capabilities of each.”
-Nicolaas Vlok, CEO of MeridianLink
As part of the integration, MeridianLink Mortgage customers will be able to access the OpenClose point-of-sale (POS) system, Consumer Assist™, providing a superior experience for borrowers. In addition, OpenClose LenderAssist customers will be able to leverage the MeridianLink PriceMyLoan product and pricing engine (PPE), offering richer pricing options and features like parallel mortgage insurance pricing, an integrated fee engine, and loan comparison reports.
Founded in 1999, OpenClose pioneered a SaaS-based lending automation software platform for the mortgage industry. Today, the company's comprehensive loan origination software helps customers cut the cost to manufacture loans while reducing processing and underwriting cycle times. For these reasons and more, OpenClose has experienced strong year-over-year growth as financial institutions invest in mortgage technology.
Since our founding, customers have validated our company’s capabilities by choosing our SaaS solutions time and time again. Now, after record growth over the last several years, we’re excited to reach more customers faster while still providing the best-in-class technology, team, and customer service to which our customers have become accustomed, I am confident that our innovative, talented, and dedicated team along with our industry-leading technology will thrive even further as part of MeridianLink,said JP Kelly, president of OpenClose.
MeridianLink® (NYSE: MLNK) is a leading provider of cloud-based software solutions for financial institutions, including banks, credit unions, mortgage lenders, specialty lending providers, and consumer reporting agencies. Headquartered in Costa Mesa, California, MeridianLink provides services to more than 1,900 customers, including a majority of the financial institutions on Forbes’ 2021 lists of America’s Best Credit Unions and Banks.
Own Up and Realtor.com | September 01, 2022
Own Up, a digital mortgage shopping service, today announced a commercial relationship with Realtor.com, a real estate marketplace operated by News Corp’s subsidiary, Move, Inc. Own Up and Realtor.com are mission-aligned companies, both aiming to improve the home buying process for Americans looking to close on their dream homes.
Alongside this new collaboration, Own Up closed a $25M round of funding, led by Brand Foundry Ventures. Realtor.com is among the investors participating in the funding round, which also saw return participation from past investors, Link Ventures and Listen Ventures. The injection of capital will allow Own Up to continue to build out its innovative technology platform, expand its novel shopping experience and product offerings, and invest in the Company’s people and culture.
Own Up and Realtor.com’s relationship will give users direct access to Own Up’s mortgage shopping service, including personalized loan offers from its exclusive lender marketplace and real-time advice from the industry’s only mortgage shopping concierge. The integration with Realtor.com will allow homebuyers to gather detailed information about their home financing options as they search listings and find real estate agents.
The housing market has been increasingly challenging for buyers over the past 12 months, with low inventory, rising prices, higher mortgage interest rates, and high-stakes bidding wars. That has caused heightened stress and anxiety for hopeful buyers, an issue Own Up and Realtor.com hope to work together to address.
“From day one, our singular goal was to be a champion for the consumer and bring greater transparency to the home buying process. As the mortgage industry continues to see changes at a rapid clip, it’s crucial that consumers are armed with the right information to make the best financial decisions, Realtor.com plays an essential role in the home search process for so many Americans and now we’ll be able to provide mortgage education and tools to comparison shop, boosting buyer confidence as they move through the process.”
-Patrick Boyaggi, CEO and co-founder of Own Up
Own Up’s team brings deep mortgage expertise to the Realtor.com online experience, This relationship is a natural fit; together we’re able to expand upon our shared goal of helping Americans find and close on their dream homes,said Realtor.com CFO Bryan Charap.
The housing market is at an inflection point, marked by a lack of inventory and a historic rise in interest rates, and Own Up is uniquely positioned to help consumers navigate one of the most tumultuous components, This next phase of growth will further cement Own Up’s position as the mortgage shopping experts, ensuring no borrower overpays on their mortgage. At this time of inflation and a pending recession, cost-savings has never been more important,said Brian Spaly, General Partner at Brand Foundry Ventures.
About Own Up
Founded in 2016, Own Up is changing the way Americans shop for and secure mortgages, injecting transparency into an opaque process and empowering consumers to make smart financial decisions with the help of intelligent technology and real human advisors.
Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today’s on-demand world. Realtor.com® is operated by News Corp subsidiary Move, Inc.