Tishman Speyer Refinances The JACX In Long Island City Through 100 Percent Green Bond Offering

$425 Million CMBS Issuance Responds to Growing Demand for Investments in Real Estate Projects that Promote Sustainability and Energy Efficiency
Published: Oct. 5, 2021 at 12:35 PM EDT

NEW YORK, Oct. 5, 2021 /PRNewswire/ -- Tishman Speyer, one of the world's leading real estate developers, owners, operators and investors, today announced that a $425 million green bond offering has been successfully completed to refinance The JACX, its recently-completed creative office development in Long Island City, Queens.

Tishman Speyer's property was eligible for a green bond offering given the high standards for sustainability, energy-efficiency and community impact it has attained at The JACX.  The offering, which was originated by Bank of America, N.A., refinanced the initial construction loan with permanent CMBS financing.

"Tishman Speyer is dedicated to producing sustainable environments that add significant value to our customers and investors, as well as the residents of the communities in which they are located," said Randall Rothschild, Senior Managing Director and Global Head of Debt at Tishman Speyer.  "There is a growing appetite among pension funds and other institutional investors for projects that embrace and incorporate ESG principles.  The high level of interest in The JACX among the world's top social impact investors is a validation of our efforts to produce a positive and lasting impact in Long Island City."

Designed by MdeAS Architects, The JACX features 1.2 million square feet of office and retail space across two 26-story towers connected by a five-story base. Completed in 2019, The JACX represents the single biggest addition to Long Island City's office inventory since the opening of the Citicorp Building in 1990.

The JACX, which is 100 percent leased, employs an open loft concept that allows for panoramic views and abundant daylight. Its office space incorporates generous ceiling heights, efficient floor plates and advanced infrastructure to create modern and collaborative workspaces.   Its unique fifth floor outdoor terrace incorporates more than an acre of landscaped terraces, food and beverage, and multiple collaborative and recreational spaces.

The development also houses more than 50,000 square feet of community-oriented retail, including JACX&CO, a food hall featuring nine innovative eateries, Penny Bridge, a new restaurant from celebrated chef Dan Kluger restaurant, the upscale grocer City Acres and a luxury fitness center operated by The Wright Fit.

During its underwriting process, Bank of America commissioned Sustainalytics US, Inc., an independent environmental, social and governance (ESG) analytics firm, to evaluate and certify that The JACX met requirements set forth in the Green Bond Principles 2021 for sustainability, energy-efficiency and attention to the needs of the surrounding communities.

Sustainalytics identified a large number of ESG-related measures at The JACX that led to its green bond certification, including:

  • A green building designation (LEED Silver);
  • A 100,000 gallon storm-water reclamation and filtration system;
  • A two-stage air filtration system for superior indoor air quality;
  • Low-flow water fixtures throughout the property;
  • Energy-efficient hot-water boilers;
  • A 175-space bike parking area with showers;
  • A new landscaped public plaza;
  • Abundant access to mass transit via multiple subway lines, buses and the Long Island Rail Road.

Tishman Speyer has been Long Island City's most prolific developer of both office and residential space. Between 2011 and 2019, Tishman Speyer completed and fully leased 3.7 million square feet of dynamic mixed-use developments in the Queens Plaza district of Long Island City.

In addition to The JACX, Tishman Speyer also completed Jackson Park, a three-tower luxury residential development situated directly across Jackson Avenue, in 2019.  Jackson Park features 1,871 apartments in three glass towers, a five-story, 50,000 square foot amenity clubhouse and a private 1.5-acre park.

In 2011, Tishman Speyer completed Two Gotham Center, a 700,000 square foot office tower, which is fully occupied by the New York City Department of Health.

About Tishman Speyer (www.tishmanspeyer.com)
Tishman Speyer is a leading owner, developer, operator and investment manager of first-class real estate in 28 key markets across the United States, Europe, Asia and Latin America. We develop, build and manage premier office, residential and retail spaces for industry-leading tenants, as well as state-of-the-art life science centers through our Breakthrough Properties venture. With global vision, on-the-ground expertise and a personalized approach, we are unparalleled in our ability to foster innovation, quickly adapt to global and local trends and proactively anticipate our customers' evolving needs.  By focusing on health and wellness, enlightened placemaking and customer-focused initiatives such as our tenant amenities platform, ZO., and our flexible space and co-working brand, Studio, we tend not just to our physical buildings, but to the people who inhabit them on a daily basis. Since our inception in 1978, Tishman Speyer has acquired, developed, and operated 453 properties, totaling 210 million square feet, with a combined value of approximately $113 billion (U.S.). Our current portfolio includes such iconic assets as Rockefeller Center in New York City, The Springs in Shanghai, TaunusTurm in Frankfurt and the Mission Rock neighborhood currently being realized in San Francisco.

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