LONG ISLAND CITY — Locally based developer Tishman Speyer has received a $425 million green bond refinancing for The JACX, a 1.2 million-square-foot office complex in the Long Island City neighborhood of Queens.
Built in 2019 and fully leased at the time of closing, The JACX consists of two 26-story office towers connected by a five-story base. According to the developer, the property represents the single largest addition to the supply of office space in Long Island City since the opening of the Citicorp Building in 1990.
The development houses more than 50,000 square feet of retail space, including a food hall with nine culinary concepts, a restaurant by chef Dan Kluger and an upscale grocer. Other amenities include a fitness center operated by The Wright Fit, a landscaped public plaza, access to multiple public transit lines and a 175-space bike parking area with showers.
MdeAS Architects designed the building to LEED Silver certifications, and environmentally friendly features include a 100,000-gallon stormwater reclamation system and an air filtration system. These assets made the property eligible for the green bond refinancing, which Bank of America originated. The transaction retires existing construction debt with permanent CMBS financing.
“Tishman Speyer is dedicated to producing sustainable environments that add significant value to our customers and investors, as well as the residents of the communities in which they are located,” says Randall Rothschild, Tishman Speyer’s senior managing director and global head of debt. “The high level of interest in The JACX among top social impact investors validates our efforts to produce a positive and lasting impact in Long Island City.”
In addition to The JACX, Tishman Speyer also developed Jackson Park, a three-tower luxury residential development situated directly across Jackson Avenue that was completed in 2019. Jackson Park features 1,871 apartments in three glass towers; a five-story, 50,000-square-foot amenity clubhouse; and a private, 1.5-acre park.
— Taylor Williams