TOKYO (MarketWatch) -- A group led by Tishman Speyer Properties will give up the Manhattan-based Peter Cooper Village and Stuyvesant Town apartment complex to its creditors, according to published reports Monday.

Tishman Speyer Properties and BlackRock Realty bought the complexes four years ago for $5.4 billion in the most expensive real estate deal for a single residential property in U.S. history.