Tishman Speyer plans massive LIC office project, looks to raise EB-5 money

The Reat Deal, February 29, 2016 Tishman Speyer is soliciting funds for a major 1 million-square-foot office project in Long Island City, according to marketing materials provided to prospective Chinese investors.

CA16 news tishman speyer

The developer has already inked a 258,000-square-foot lease deal with co-working giant WeWork to anchor one of the new buildings, a 30-story tower slated to go up on the corner of Jackson Avenue and Queens Plaza South, according to the materials. The site is adjacent to Two Gotham Center, a 22-story office building developed by Tishman in 2011 and sold to Canadian investor H&R REIT for $415.5 million that same year.

The new buildings, which will be known as 1 and 3 Gotham Center, would be directly across the street from where Tishman Speyer and H&R are building a three-building, 1,900-unit luxury residential complex.

A spokesperson for the developer declined to comment. A spokesperson for WeWork was not immediately available.

The firm wants to raise a total $145 million in EB-5 financing for the office project, which is slated to cost $700 million, according to the documents, first spotted by Wall Street Journal reporter Eliot Brown on the website of a Chinese immigration consultant.

The first tower, on 42nd Street Road and Jackson, will rise 29 stories with roughly 583,000 square feet of Class A office space and 20,000 square feet of retail space. Tishman Speyer has already secured a 200,000-square-foot anchor tenant, the marketing materials state. The WeWork-anchored building will comprise 515,000 square feet of office space and 11,000 square feet of leasable retail space.



No offer to sell any security is made by this website. Offerings will be made pursuant to exemptions from registration requirements set out in applicable securities laws. Prospective investors should take note of the risk factors described therein.