NEW YORK, July 11, 2016 /PRNewswire/ -- Tishman Speyer CEO Rob Speyer announced today the company is moving ahead with construction of a 1.1 million square foot office and retail project in Long Island City. More than 800,000 square feet of the available office space in the development has been pre-leased, including 250,000 square feet to WeWork, the world's largest provider of shared office space. Tishman Speyer is being joined in this development by Qatari Diar, a prominent global investor in world class real estate.
This project concludes Tishman Speyer's purchase of 1.8 million square feet of development rights from the City of New York, which included a 700,000 square foot office building that Tishman Speyer completed in 2011 and pre-leased in its entirety to the New York City Department of Health & Mental Hygiene. Today's announcement completes the City's vision for the transformation of this site into a new center of the innovation economy.
Tishman Speyer is now the largest developer of both commercial and residential space in Long Island City, with more than 1,900 units of housing currently under construction across the street from the office site on Jackson Avenue. Tishman Speyer is responsible for 3.5 million square feet of Long Island City development since purchasing the options to develop both sites in 2003.
"Thanks to the City of New York's investment in the area's infrastructure, enlightened policy decisions and the active support of the New York City Economic Development Corporation, the local community and its elected officials, Long Island City has become a model for 21st Century urban development," Rob Speyer said. "Tishman Speyer is proud to continue our role in unlocking the area's full potential as one of the most dynamic, live-work-play neighborhoods, not just in Queens but in all of New York City."
Deputy Mayor for Housing and Economic Development Alicia Glen said, "This project will be a major job generator for Long Island City. We are focused on growing good jobs across the outer boroughs and meeting the demand for new office space. What rises at this site will not only spur our economy, but make Queens Plaza a more dynamic place to live and work."
The new commercial project, which includes two 27-story towers designed by Raul De Armas of MdeAS Architects, will commence in early 2017 with completion anticipated in 2019. The towers will be connected by a four-story podium featuring a dynamic mix of retail, complemented by a food hall, restaurant, and parking garage, providing valuable amenities to local workers and residents in the vibrant mixed use neighborhood.
Financing, which was arranged by HFF, is being provided by The Bank of the Ozarks.
Qatari Diar's Chief Development Officer, Europe & Americas, Sheikh Jassim Bin Hamad Al Thani added, "We are delighted to be working alongside our partner, Tishman Speyer on the acquisition of this site in Long Island City and this agreement marks a significant milestone. With exclusive retail elements and contemporary office space this new venture will set the standard for mixed-use developments."
WeWork co-Founder Adam Neumann said, "WeWork is proud to be an anchor tenant of Tishman Speyer'sLong Island City development. This will be a fantastic space for us to bring our community of creators to this thriving and dynamic neighborhood." The 250,000 square foot location will be WeWork's second and largest in the borough of Queens.
This project is the latest effort by the City of New York to bring jobs to Long Island City, and to grow the community as an innovation hub anchored by the Cornell Tech campus on Roosevelt Island. The 1.1 million square feet of office space will also help meet growing demand, with an NYCEDC analysis expecting the city to need up to 60 million square feet of new commercial space by 2025.
"Long Island City continues to emerge as a vibrant hub of jobs and economic activity," said NYCEDC President Maria Torres-Springer. "These new towers will bring 2,000 permanent jobs to Western Queens, and represent a major step forward in solidifying Long Island City as a premier business district."
About Tishman Speyer (www.tishmanspeyer.com) Tishman Speyer is a leading owner, developer, operator and fund manager of first-class real estate around the world. Founded in 1978, Tishman Speyer is active across the United States, Europe, Latin America and Asia, building and managing premier office, residential and retail space in key global markets for industry-leading tenants. The firm has acquired, developed and operated a portfolio approximately 140.1 million square feet with a total value of approximately US$76.1 billion spread over 276 investments involving 380 properties. Signature assets include New York City's Rockefeller Center and Chrysler Center, São Paulo's Torre Norte, The Springs in Shanghai and OpernTurm in Frankfurt. Tishman Speyer currently has projects at different stages of development in Atlanta, Boston, Brasília, Chengdu, Frankfurt, Gurgaon, Hyderabad, Los Angeles, New York City, Paris, Rio de Janeiro, San Francisco, São Paulo, Shanghai, Suzhou and Washington, DC.
About Qatari Diar (www.qataridiar.com) Qatari Diar Real Estate Company (QD) was established by the Qatar Investment Authority, the sovereign wealth fund of the State of Qatar. It has become a global leader in sustainable real estate, building landmark projects of unrivalled scope and vision.
We create vibrant communities dedicated to capturing the hearts and imaginations of the people we serve. These developments are conceived from our commitment to preserving and reflecting local characters and traditions and our visions have created places with a sense of identity and purpose where people aspire to live, work and visit.
Qatari Diar is currently involved in over 39 signature projects in more than 21 countries around the world, with a combined value of over $35 billion. We have created some outstanding, world-class real estate developments in landmark locations across Europe and the Americas. These include several projects in prime locations in London, Paris, Panama, Tunisia and Washington DC.
Qatari Diar seeks to harness the world's greatest architectural and design talent in order to create sustainable communities that will stand the test of time.
About NYCEDC New York City Economic Development Corporation (NYCEDC) is the City's primary vehicle for promoting economic growth in each of the five boroughs. NYCEDC's mission is to stimulate growth through expansion and redevelopment programs that encourage investment, generate prosperity and strengthen the City's competitive position. NYCEDC serves as an advocate to the business community by building relationships with companies that allow them to take advantage of New York City's many opportunities. Find us on Facebook or follow us on Twitter, or visit our blog to learn more about NYCEDC projects and initiatives.
About WeWork WeWork's mission is to give members the space, connections and services they need to create their life's work, while helping them collaborate with like-minded people who can help their businesses grow and succeed.
Founded in 2010 by Adam Neumann and Miguel McKelvey in New York, the company now employs more than 1,400 staff globally. WeWork currently has more than 100 physical locations in 29 cities around the world. WeWork seeks 'creators' from all industries and companies big and small to become members, with a suite of WeWork-specific membership benefits in each country and a local staff in each city.
Nearly 10,000 companies and over 50,000 members are now based at a WeWork, with member companies ranging from start-ups to household names including Delta, IBM, KPMG, GE, and Dropbox. More than 70% of WeWork's members collaborate with each other and its international locations serve as convenient bases for business travel, enabling a great degree of work flexibility for both multinationals and small-to-medium-sized businesses alike, as well as options for easy expansion into new markets.