Shanghai Portman Jian Ye Li Real Estate Development Co. Ltd.—developer of Shanghai’s most anticipated luxury mixed-use Shikumen renovation and development project, Portman House | Jian Ye Li—has officially announced its partnership with CB Richard Ellis Group, Inc. (CBRE), the world’s largest commercial real estate services firm.
Shanghai Portman Jian Ye Li Real Estate Development Co. Ltd. is a joint venture between Portman Holdings, Shanghai HengFu Property Company Ltd and CPI Asia JYL Ltd. Portman Holdings is leading development and project management, and HengFu is acting as co-developer. John Portman & Associates is the lead architect.
According to the contract signed by the two parties, CBRE will be the Residential Marketing Consultant and Sole Sales Agent, as well as Property Management and Retail Leasing Agent for Portman House | Jian Ye Li, the luxury Shikumen villa houses previously known simply as “Jian Ye Li.”
Senior executives of CBRE, representatives of Portman Holdings and other shareholders attended the signing ceremony.
Chris Brooke, President & CEO of CBRE Asia, said, “CBRE is delighted to be working with Portman to promote such a high profile development in Shanghai, one that will no doubt be of great public interest as it features a sensitive restoration and development of the city’s historic and fast disappearing Shikumen houses.”
Portman Holdings, in conjunction with world-renowned architects John Portman & Associates, has designed and developed a number of iconic landmarks in China that have changed the skylines of Shanghai, Beijing, and other cities. 2010 will mark the 30th anniversary of the Portman companies’ China business.
“Portman Holdings is proud to lead development of Portman House | Jian Ye Li, and honored by the opportunity to preserve Shanghai’s historical Shikumen architecture with a culturally respectful restoration. We believe our partnership with CBRE will ensure the project is a great success commercially, allowing Portman to focus on maintaining cultural and architectural authenticity,” said Jack Portman, Vice Chairman of Portman Holdings, at the signing ceremony.
“Portman House | Jian Ye Li has been designated a flagship project for the CBRE China team in 2010. Capturing the spirit of the classic 1930s Shanghai Shikumen-style architecture, it will provide high-end buyers and users with a first class city development featuring luxury villas, serviced residences and upscale shopping. It is of special significance that this landmark project will be launched in 2010, the Shanghai World Expo year," said David Chen, Senior Director, Residential Project Marketing, CBRE China.
Analysts agreed that the collaboration between prominent industry players like Portman Holdings and CBRE will infuse state-of-the-art expertise and concepts in the renovation and development of Portman House | Jian Ye Li. Resulting is a project that enhances the area, and provides its residents and guests a unique and rewarding experience.
About Portman House | Jian Ye Li
Portman House | Jian Ye Li, scheduled to be completed by the end of 2010, is a unique mixed-use development in the distinctive Shanghai Shikumen architectural style, located in the former French Concession in the heart of downtown Shanghai at Jianguo West Road and Yueyang Road in Xuhui District.
It comprises 51 Shikumen style , five-level villas, 62 luxury serviced residences and over 4,000 square meters of retail space. The original Jian Ye Li houses were built in the 1930s in the typical style of Shanghai’s Shikumen or stone-arched gate houses.
Portman Holdings and HengFu Property Company officially launched the Jian Ye Li project in 2006 to realize the vision of Xuhui District and Shanghai municipal government leaders to breathe new life into this cornerstone of Shanghai’s architectural heritage.
Construction began in December 2008, after years of research, design and development. Two basement levels were excavated to create space for parking and family entertainment, thus upgrading the villa functions. The old Shikumen villas will be restored to their former glory, incorporating contemporary services and design innovations.
About Portman Holdings
Portman Holdings, LLC (portmanholdings.com) is a vertically integrated, full-service real estate development company with an international presence and a rich history of developing premier projects that spans five decades and three continents. The company founder, John Portman, pioneered the concept of architect as developer, successfully building both an architectural firm of international repute as well as a host of affiliated real estate development, financing and management companies.
Today, Portman Holdings' multi-faceted expertise sets the standard of excellence for the development of mixed-use complexes and domestic and international urban landmarks around the world. These include hotels, office buildings, retail spaces, residences, and trade marts that integrate diverse and often competing interests into a unified project vision which responds to the community's desire to work, live and play in a city setting. These projects set the standard for marquee real estate developments and, wherever they are located, enrich the city by defining the sky.
In the past 30 years, Portman Holdings and John Portman & Associates have developed and designed a number of iconic landmarks in key cities across China, including Shanghai Centre, Shanghai Tomorrow Square, Shanghai Bund Centre, Shanghai Jin Hongqiao International Centre, Beijing Yintai Centre, Zhejaing Fortune Finance Centre and Wenzhou Zhixin Plaza etc.
Portman Holdings prides itself on its contribution to the development of the Chinese real estate industry and will continue to develop new properties and bring innovation and expertise to a more prosperous China.
About CB Richard Ellis
CB Richard Ellis Group, Inc. (NYSE: CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2009 revenue). The Company has approximately 29,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CB Richard Ellis (cbre.com) offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. CB Richard Ellis has been named a Business Week 50 “best in class” company for three years in a row.
Submitted by Grebstad Hicks Communications on behalf of Shanghai Portman Jian Ye Li Real Estate Development Co. Ltd.