The JACX, Tishman Speyer's 1.2 Million Square Foot Creative Office Development In Long Island City, Reaches Full Occupancy Months Prior To Opening

Long Island City's Economic Expansion Bolstered by Tishman Speyer's Transformation of Six-Acre Stretch into New York's Most Dynamic Live-Work-Play Neighborhood

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Tishman Speyer

Jan 22, 2019, 14:46 ET

NEW YORK, Jan. 22, 2019 /PRNewswire/ -- Tishman Speyer President and CEO Rob Speyer announced today that the company has finalized separate lease agreements with Macy's, Inc. and NewYork-Presbyterian to fill all of the remaining space at The JACX, its 1.2 million-square-foot creative office development currently under construction in Long Island City, Queens.

The two lease agreements, totaling 328,000 square feet combined, brings The JACX, which consists of two 26-story towers connected by a four-story podium, to 100 percent occupancy months prior to the project's anticipated completion this summer.

Macy's, Inc., which initially committed to approximately 567,000 square feet at The JACX, has expanded its footprint in the towers by another 300,000 square feet for a total of approximately 867,000 square feet as part of a 20-year lease agreement. Bloomingdale's will occupy a total of 11 floors in the west tower, known as Three Jackson, and Macy's employees will occupy all 22 tower floors of the east tower known as One Jackson. Macy's will also occupy the entirety of The JACX's third and fourth base floors, which measure 90,000 square feet each.

In a separate 15-year lease, NewYork-Presbyterian and Weill Cornell Medicine will create a 28,000 square-foot, state-of-the-art multispecialty primary care practice at One Jackson, staffed with Weill Cornell Medicine physicians. The new location, which will serve Long Island City's growing residential and commercial population, will include a street level entrance and a 26,800 square-foot modern medical facility across the entire eastern half of the second podium floor.

The remaining 215,000 square feet of office space on the 5^th through 15^th floors of Three Jackson will be occupied by WeWork, which committed to The JACX in late 2015.

"Tishman Speyer made its first commitment to Long Island City back in 2003 because we recognized it as an authentic urban environment that possessed all of the ingredients for long-term success," said Rob Speyer. "Our ability to pre-lease most of The JACX prior to construction and all of the space prior to completion firmly demonstrates Long Island City's viability as an office hub and a magnet for today's creative workforce. We are grateful to the City of New York and for pioneers like Macy's, WeWork and NewYork-Presbyterian who have helped to pave the way."

Macy's was represented in the transaction by Scott Gottlieb, Ken Meyerson, Michael Wellen and Peter Gamber of CBRE. Tishman Speyer and NewYork-Presbyterian were represented in-house.

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

Tishman Speyer began construction on The JACX in late 2016 and topped out at 446 feet in October of last year. When completed, The JACX will be the single biggest addition to Long Island City's office inventory since the Citicorp Building opened in 1990.

Designed by MdeAS Architects, The JACX employs an open loft concept that allows for panoramic views and abundant daylight. The towers also incorporates generous ceiling heights, efficient floor plates and advanced infrastructure to create a modern, collaborative workspace.

The JACX will feature a fifth floor outdoor terrace that will include more than an acre of landscaped terraces, food and beverage, and multiple collaborative and recreational spaces. The development will also house more than 50,000 square feet of curated street-level retail, including a boutique fitness center, gourmet market and a food hall. Tishman Speyer recently announced that Chef Dan Kluger, the proprietor of the popular seasonal American restaurant Loring Place in Greenwich Village, will open his second restaurant at The JACX in the spring of 2020.

Tishman Speyer also recently completed Jackson Park, a three-tower luxury residential development situated directly across the street from The JACX on Jackson Avenue. Jackson Park features 1,900 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 now fully occupied by the New York City Department of Health.

About Tishman Speyer
Tishman Speyer is a leading owner, developer, operator and fund manager of first-class real estate around the world. Founded in 1978, Tishman Speyer is active across the United States, Europe, Latin America and Asia, building and managing premier office, residential and retail space in 28 key global markets for industry-leading tenants. The firm has acquired, developed and operated a portfolio of over 167 million square feet with a total value of approximately US $88 billion spread over 406 assets. Signature assets include New York City's Rockefeller Center, São Paulo's Torre Norte, The Springs in Shanghai, Lumière in Paris and OpernTurm in Frankfurt. Tishman Speyer currently has projects at different stages of development in Boston, Brasília, Frankfurt, Gurgaon, Hyderabad, Los Angeles, New York City, Paris, Rio de Janeiro, San Francisco, São Paulo, Shanghai, Shenzhen and Washington, DC. The firm also operates portfolios of prominent office properties in Berlin, Chicago and London. For more information, visit tishmanspeyer.com and find us on social @tishmanspeyer.