Tishman Speyer is set to start construction of its 1.1 million-square-foot Long Island City office-and-retail development after landing an equity investment from Qatari Diar and a loan from Bank of the Ozarks.
The $700 million project at 28-10 Queens Plaza South will include two 27-story buildings with WeWork signed as a 250,000-square-foot anchor tenant. The two Raul de Armas-designed buildings will be connected by a four-story building featuring retail space and a food hall.
About 800,000 square feet in the development have been pre-leased, the firm said.
Tishman Speyer did not disclose the amount of the construction loan, which was brokered by HFF. In February, The Real Deal reported that Tishman Speyer is seeking $145 million in EB-5 funding for the project. The firm also reportedly applied for $65 million in tax benefits for the project. Tishman Speyer filed plans for the project in June, with completion estimated for 2019.
Qatari Diar, Tishman Speyer’s partner on the project, is an investment firm established by Qatar’s sovereign wealth fund, the Qatar Investment Authority.
The office towers will rise across the street from Tishman Speyer’s 1,800-unit, three-tower rental complex at 28-34 Jackson Avenue, 28-10 Jackson Avenue and 30-02 Queens Boulevard. The firm landed a $640 million construction loan from Bank of America Merrill Lynch for that project in December.