|Daniel R. Tishman (Principal and Vice Chairman)|
Tishman Realty & Construction Co., Inc. is an American corporation founded in 1898 that owns and develops real estate. The company is known for being the contractor that built the original World Trade Center in New York City. Tishman Construction Corporation, the construction division of the company, was sold to AECOM in 2010.
Julius Tishman started Tishman Realty & Construction in 1898. A Polish immigrant with a desire to be self-employed, he entered the real estate business by saving enough money to purchase the tenement building where he lived, acquiring additional residential properties and gaining the ability to renovate, lease and finance them on his own. The company went public in 1928 as Tishman Realty & Construction, becoming an integrated real estate and construction firm.
Tishman Realty & Construction worked on significant projects around New York in the 1960s and 1970s, including Madison Square Garden and the World Trade Center. This public company liquidated in 1976, selling the Tishman Research and Construction company to Rockefeller Center Inc. The primary shareholders began three separate private companies: a continuation of Tishman Realty & Construction, a real estate development company called Tishman Speyer, and a leasing company called Tishman Management and Leasing Corporation.
Tishman Hotel & Realty LP (THR) is a subsidiary that focuses primarily on large, complex properties with a long-term ownership strategy. THR comprises a diversified staff of experienced real estate, financial and hotel management specialists, and complemented by a technical staff of architects, engineers, and construction management professionals. THR's affiliate, Tishman Construction Corporation, is one of the nation's leading construction management firms, providing a wide range of construction services for projects of varying scope, budget, schedule, and complexity. Given these broad resources, THR typically manages all components of its projects, from feasibility, design, budgeting, financing and development management to ongoing property and asset management.
The Tishman Construction Corporation was a construction division of the company until 2010, when it was sold to AECOM. It was a privately held firm headquartered in New York City, with operating subsidiaries located across the United States. It was owned by Dan Tishman, who is now a member of the board of directors for AECOM. Tishman Construction is serving as Construction Manager for One World Trade Center and the World Trade Center Transportation Hub.
In December 2015, Tishman agreed to settle an overbilling probe for a fee of $20.2 million, resolving a US-led investigation into alleged fraudulent overbilling. The scheme involved improper overtime payments to union workers.