Tishman Speyer Properties LP plans to build a San Francisco office building without having a signed tenant, the city’s first speculative project since 2006, as demand for space surges amid growth at technology companies.
Tishman bought a parcel known as Foundry Square III in the South of Market district and will “move ahead immediately” with development, Jerry Speyer and Rob Speyer, co-chief executive officers of the New York-based firm, said in a statement. Tishman paid $37 million in cash for the land and $4 million for architectural drawings, and won’t need a loan to finance construction, said a person familiar with the plans who asked not to be named because the terms of the deal are private.
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