Its management decided in 1976 to liquidate the company and use its assets for a cash distribution to the shareholders--of whom the largest group by far consisted of members of the Tishman family.
Seventeen properties were purchased by the Equitable Life Assurance Society of the United States for 7.5 million.
After serving as the general contractor for the 100-story John Hancock Building in Chicago and for Renaissance Center in Detroit, the company won the contract to build the World Trade Center in New York.
The recession that began in 1970 hurt all developers, but Tishman Realty & Construction was especially hard hit because of the 44-story office building at 1166 Avenue of the Americas in midtown Manhattan that it completed in 1974.
It also provides planning services for large-scale developments and manages the conversion of underutilized tracts of land into such developments.
Tishman Predecessors: 1898-1976 Julius Tishman was an immigrant peddler who began building small tenements in downtown Manhattan in 1898.
In 1950 the company began putting up office and apartment buildings on Wilshire Boulevard in Los Angeles, and within a few years it was the largest landlord in southern California.The former company's management and leasing operations became Tishman Management and Leasing Corp., with Alan V. The finance and development arm became Tishman Speyer Properties, with Robert V.Tishman--who had been president of the old company prior to liquidation--as chairman and Jerry Speyer, his son-in-law, as president and chief executive officer.The following year it began constructing buildings for other developers as well as doing so for its own account, and a few years later it added a research subsidiary to help manufacturers apply new products and techniques.Tishman Realty & Development moved into Chicago in 1962 to build the Gateway Center and soon had become the city's second largest office landlord.