China Life and Ping An are investing in US real estate for the first time, committing to a mixed-use development by Tishman Speyer in Boston.
The two insurance firms are co-investing in Tishman Speyer’s waterfront site in Boston’s Seaport district.
Tishman Speyer is investing in the 373,000 sq ft scheme through its Real Estate Venture VIII vehicle.
The firm, which will act as general partner and development manager, bought the site late last year.
Tishman Speyer co-chief executive Rob Speyer said the company had built “strong, productive relationships” with China Life and Ping An, having invested in China for more than a decade.
China Life’s Investment Holding arm said: “It is a good start for China Life, which will expand its real estate investing in America, and it will promote closer cooperation in our world.”
Tishman Speyer will build a 13-storey commercial building, primarily for office use with residential space.
Construction is due to begin at the end of this year, with completion scheduled for 2018.