The Real Deal New York

Group led by Tishman Speyer sells LIC mixed-use tower

August 01, 2011 06:40PM

A group led by Tishman Speyer has sold Two Gotham Center in Long Island City at a $100 million profit, for $415 million, the Wall Street Journal reported. H&R Real Estate Investment Trust, a large Canadian public company, bought the 670,000-square-foot property, which is leased by the city’s Health Department. The building was completed a year ago and cost $316 million to develop. So far, Two Gotham Center is the only part of the planned 3.5 million-square-foot mixed-use complex to be developed near Queensboro Plaza. Tishman Speyer and the city are jointly the backers of the project. It wasn’t immediately clear why the group sold Two Gotham Center. [WSJ]

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