Lendlease and L+M have brought on a new joint venture partner, Daiwa House Texas Inc., on their mixed-use development at 100 Claremont Ave. in Northern Manhattan’s Morningside Heights neighborhood. The 354,000-square-foot project, designed by Robert A.M. Stern Architects, includes residential and academic components and is slated for completion in spring 2023.
Daiwa House is providing Lendlease and L+M, the two development partners, with substantial equity investment for the project. Daiwa House Texas Inc., a wholly-owned subsidiary of Japan-based Daiwa House Industry Co., Ltd., is pursuing a strategic initiative to expand the company’s business in North America.
“With the addition of Daiwa House, we have solidified a world-class partnership for the development of 100 Claremont Ave., which will allow us to deliver much needed new classroom facilities and high-quality housing for the academic community and neighborhood of Morningside Heights,” said Melissa Román Burch, executive general manager at Lendlease.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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