Tishman Speyer to Build 1M-SF MXU in Long Island City

Having secured more than 800,000 square feet in pre-leases, Tishman Speyer and partner Qatari Diara are moving forward on a 1.1 million-square-foot office and retail development in Queens Plaza, Long Island City, NY. Financing, arranged by HFF, is being provided by Bank of the Ozarks.

The $700 million project will begin in early 2017, with completion planned for 2019. The design consists of two 27-story towers connected by a four-story podium. The podium will offer retail, a food hall and restaurant, and a parking garage.

This project concludes Tishman Speyer’s purchase of 1.8 million square feet of development rights from the City of New York. This included a 700,000-square-foot office building that Tishman Speyer completed in 2011 and pre-leased to the New York City Department of Health & Mental Hygiene.